Impact Technology Has Brought on the Management of International Finance

This can be seen in financial service providers such as banks, stockbrokers and insurance companies cannot do further business today without having their client-server-based information’s via technology. Internet based technologies, marketing have become more interactive and real time.

JPMorgan Chase has been adjusting to the new financial advances in technology. Financial Technology (FinTech) is “an emerging financial services sector in the 21st century” that includes “any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment, and even crypto-currencies like bitcoin” (Investopedia, (n.d.)).

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

The main objective of implementing ICT in an organization is to enable it achieve its goals. Information system is regarded costly, but the changes that have taken place in the information system over a time has greatly reduced the cost of transmitting data, the acquiring storing, and transformation of data. In the banking industry for example the introduction of ATM, e-banking and smartcard has made the distribution of banking services more efficient. Indeed, it has brought about a lot of competition in the financial institutions, the banking methods have evolved, with a lot of innovations in the banking industry.

As I have illustrated above developments in I.T have had major effects across the business networks. One of the main results of these changes is the emergence of new markets particularly on the internet. For example in the financial sector there is a new market of online providers, such as E-sure, Egg, Capital One etc. They are all able to gain competitive advantages due to the low operational running costs of online businesses.

The increasing demand of electronic transaction to meet the needs of customers to be media to serve and improve the service for customers. The Company’s commitment is the expansion of the Company will be directed to continue to enter the “next level”, thus becoming a national bank with high and sustainable profit growth (“A Strong Sustainable and Profitable Bank”). The Company becomes greater in terms of assets and earnings, stronger in terms of capital, and better in terms of service. The Strategic policy established to support company is very strategic commitment to 2014 among others is develop and Improve the quality of service This was among others conducted through improving electronic banking to improve corporate image and fee-based income, as well as services to customers in e-banking

In the years since the 2008/2009 financial crisis, mistrust of the banking and financing industry remains high (Erman, 2013). This provides a unique challenge across the financial sector, including the relevant interior industries of investment banking and venture capital. Once the market crashed and the mechanics behind it came to light, a large portion of the American populace dramatically shifted their opinions in regards to the financial sector. This sentiment came to a head two years after the collapse with the creation of the Occupy Wall Street movement (Erman, 2013). While not the sole cause, pressure from the American public played a part in the increased regulation that the financial sector sees today including the Dodd Frank Act. A large part of this negative backlash was due to an inherent misunderstanding of the inner workings of the financial system (Erman, 2013). However, a lack financial knowledge did not mean the backlash was any less successful.

In order for a new entrant to successfully compete, they will need to understand the impact of information systems in the industry they intend to enter. It is stated that the changes of information systems (IT) can have a significant impact on the products or services, the economies of production and geographic distribution among other factors (reference). In many businesses the internet has increased the risk of new entrants to enter the market by reducing the limitations to entry, for example selling the products online and distributing them anywhere in the world (Rainer et.al, 2013). During these modern days, financial companies can now provide online services (money transactions) for their customers globally due to IT erasing the geographic market barrier. On the other hand, online based services can be complex therefore there are systems required in order to manage the transactions effectively which can be very costly.

According to Langdon and Langdon, (2006) IT including computer based information systems used by an organization and their underlying technologies have propelled changes in the banking sector Technological innovation for that matter affects not just banking and financial services, but also the direction of an economy and its capacity for continual and sustainable growth. Most banking industry and development analysts assert that technological change is one of the important factors underlying the dynamics in the banking industry structure and performance today which leads to cost competitiveness and diversification into new lines of business to improve profitability, through strategic positioning and processes.

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.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

The present paper is concerned with the various ways of doing banking electronically. This paper has been divided into four sections dealing with four aspects of E-banking i.e. ATM, Internet banking , Mobile banking and Credit cards. Paper is basically concerned with the customer aspect of banking searching for customer satisfaction level. This is a comparative study of Public sector bankis, Private

The study found out that most of the respondents have banked with their respective banks for at least three years but only a proportionate few uses e-banking products. The most used e-banking product is the ATM card and SMS banking. Again respondents were more satisfied with ATM card than their internet banking. The study also revealed that most respondents were dissatisfied with the effectiveness of e-banking but also admitted that the e-banking product have had a positive impact on their lives. In terms of the reliability of e-banking products, the results were mixed. Whiles some saw it as being reliable others strongly posited that the

The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money.