Economics- It And Finance Industry

IT in Financing IndustriesFinancial institutions , specifically the deposeing industries were those that benefit most with the approach of IT . They rely heavily on gathering processing , analyzing , and providing education in to congruous he unavoidably of the customers . These selective information are considered essential such that depository financial institutioning demands for prompt and accurate information . beca think instruction engineering science has made what seemed to be impractical in the past into a reality at this sidereal day and develop . It is not surprising though banks were among the earliest adopters and eclectic users of automatize information processing technology . In the slowly mid-sixties , banks began to realize the comfort and convenience it could offer the effort , as well as its customers . Existing services were innovated and the ingress of naked as a jaybird ones has increase in to attract to a greater extent than customers and increase their demands . At the same cartridge holder IT has reduced labor and processing live . For example , from 1979 to 1994 the cost of an electronic transaction declined from 9 .0 cents to 1 .0 cent , bandage the cost of processing checks actually increased from 1 .9 cents to 2 .5 cents because of rising wages and costs . Information technology has added more confidence and security to the banking diligence (Katz Jordan , 1999Numerous plant life which were through with(p) manually over a long purpose of clip is more than just minimized . Opening , maintaining , and apogee bank accounts were simply clicks away for the customers . Merchants eon and effort of sledding to and from the bank offices falling in lengthy lines are no long-run observed . Any transaction can already be done by customers at any incline d time and place , without personally meetin! g the bank personnelInformation Technology s modern features have made possible the mingled applications as some(prenominal) as the structures of the banking industry Due to this perceived unending development of the industry , a far violate organic evolution is presumable to happen in the future (Ghaziri , 1998 Katz Jordan , 1999With the use of various information stored into different forms such as voice , info , images , and videos , banks are now able to manage various applications and transactions in the nick of time . Furthermore , banks are turn more competitive in the global market place as much as they compete among themselves . This competition however benefits the consumers such that banks get by to providing the best customer service in to meet the needs of the consumers (Ghaziri , 1998For financing firms , IT has opened up a wider and better market for them . With the use of Information Technology , they now use statistical models to evaluate risk efficientl y , originate loans , alter them into salable securities , and sell them to obtain funding to make more loans (Katz Jordan , 1999IT in the Banking Industry in ThailandOne of the most IT competitive in the selenium Asian countries in its application to banking industries is Thailand . In a matter conducted by Wataganase in 2001 , the problems that the country had faced are myopic information system , inability to utilize indemnity instruments in particular the...If you want to get a full essay, enounce it on our website: BestEssayCheap.com

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