How Technology is Important to the Success of a Bank Essay

637 Words3 Pages
Having worked for over ten years in the financial services industry, specifically banking, I have come to understand how greatly technology is important to the success of a bank, the realization stem from my experience in banking operations, product development and strategy. Currently as the deputy manager performance management and strategy group responsible for business strategy, product innovation and performance measurement within the bank, hence, my understanding of technology has made it possible for me to meet and surpass my job responsibilities and have place the bank as one of the leading e-banks in the industry and country. As a graduate of, and chartered accountant, I have come to grasp with the fact that business and accounting…show more content…
Being a developing country going through significant transformation in its political and economic life, banking is one of the major industries that is shaping the business landscape, however, the industry is dominated by public sector and retail customers who are the major depositors in the bank (source of funds) while institutional funds is a very small part of deposit. The nature of the industry made it a very competitive one; so, banks have to compete rigorously with each other for deposits from public sector and other retail sources. Innovative product and business strategy became the tool to be successful in this stiff competitive environment, with the responsibility of coming up with such strategy for the bank, hence, technology has been the tool I have employed, by coming up with innovative technological products for the bank that can be sold to government ministries and agencies which will ease the collection of taxes and tariffs, the bank was able to successfully win major government accounts, also, various e-products were developed for retail users to attract them to the bank, this was done through friendly user internet porters that was easy to use for them without having to go to branches. Business strategy was also developed to offer business solutions for corporate businesses which were used to win major business accounts. This trend is projected to continue over the next two decades and with the
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