Information Technology in Global Banking and Finance Research Proposal

schooling Technology in Global Banking and Finance - Research Proposal ExampleIt can also be defined as a business that is being carried out by bankers. Banking industry is going through drastic changes nowadays and the major causes of these changes atomic number 18 increased competition, better products, increased restrictions etcetera. Information technology is the major issue that the executives keep in their mind while designing the strategies for global banking. Information technology can be defined as a productive combination of human resources, hardware, software and ways of communication that collect data and transform it in to meaningful information in an nonionised manner. In todays competitive world only the banks that use their information technology efficiently and strategically can handle the changing securities industry conditions effectively. (Anyasi and Otubu 2009, p.1).2.1 IT can be used in the many forms or manner in global banking industry including Internet N etwork, SMS Alerts, E-mails, ATMs and Electronic Fund Transfers etc. The early(a) services provided by banks are authentication, internet access, security systems etcetera. (Alawode, John & Kaka 2008, p. 675 676)2.2 Use of technology has reduced the probability of human errors and has been effective in reducing the overall costs. It also helps in providing valuable information to consumers easily and on lower costs, it also facilitates the performance of tasks and makes them less time consuming. Examples of improvised banking services because of involvement of IT are Telephone and Internet banking. (Ombati, Magutu & Nyamwange 2010, p. 155 156).2.3 Though technology has benefited the global banking industry to a great extent but there are certain limitations to it which take the first major limitation is security as the consumers do not consider e-banking a secure process to solve this problem banks are providing consumers with authentication, some other limitation is lack of t raining if the work force is not properly trained then it can affect the benefits that