Impact Of Information Technology On Banking Sector

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Impact of Information Technology in Banking Sector Vaishnavi Peddu, peddu1v@cmich.edu BIS 625 Research in Information Systems College of Business Administration, Department of Business Information Systems Central Michigan University Mount Pleasant, Michigan 48858 USA Introduction Globally information Technology is recognized as a key element in financial development in many countries around the world over past decade. Various advancements have taken place in the banking sector in the point of information technology in a most striking approach. Thus banks have come up with most rapidly changing strategies with high merger rate. Under these circumstances banks considered traditional management approaches is not sufficient. With introduction of information technology in banking sector rapid changes shown up includes opening account, mandate customer account and recording transaction process. Data correspondence innovation has assumed an unmistakable part in every aspect of human life yet the leap forward of social advancement and the incredible improvement in engineering has inconceivably expanded the part of data in every feature of human life. It has likewise enhance the general techniques of business banks execution through the utilization of development and imagination relating to data innovation by business banks, this thus has prompted smooth, simple and advantageous method for saving money with sufficient and quality administration to clients, which has additionally
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