Erp for Banking Industry

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Short Communications ERP FOR BANKING INDUSTRY Subodh Kesharwani Enterprise Resource Planning application software is appropriate for organizations in all economic sectors including banking industry. This wide applicability is largely possible as ERP offers considerable flexibility to customize the software by tailoring it to the individual organizational needs. In this short review paper, it is attempted to enumerate potential and prospects of ERP system in the banking industry which is generally done after its system integration with other IT and web-enabled banking systems. Downloaded From IP - on dated 30-Nov-2010 Members Copy, Not for Commercial Sale INTRODUCTION Banking broadly…show more content…
It also needs to provide a statement of account with a reasonable time and a stateManagement & Change, Volume 9, Number 2 (2005) © 2005 Institute for Integrated Learning in Management. All Rights Reserved. 110 ERP For Banking Industry ment of the balance on request. Banks are supposed to honour their cheque upto the credit balance or overdraft limit, provided they are in order and there is no stop (Lipscombe & Pond, 2005). As the name suggests, ERP systems utilize a companywide framework that links all process driven information systems together into one large integrated system. Information determines the speed and efficiency with which customers’ orders are processed and progressed as a vital link in the overall efficiency of a nationwide banking system. ERP is basically an integrated system that links individual functions and coordinates information flows to achieve overall organizational efficiency including customer satisfaction. Downloaded From IP - on dated 30-Nov-2010 Members Copy, Not for Commercial Sale In earlier days, large volume of data was stored centrally on mainframes but with the advent and growing popularity of PCs, local area networks, and client server technologies becoming the norm, a new requirement emerged whereby data was stored on desktop computers instead of mainframes. However, this transition also posed several problems. For instance, many different systems that were developed
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