Technology And The Implementation Of Innovative Technology

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

Technologies have allowed the banking industry to expand . Cell phones are now able to monitor consumer expenditures effectively and have become a new banking tool within the generation. Many opportunities arise with technology increasing. The banking institutions must be able to determine what future technologies may arise in order to be able to capitalize on that market. Recognition is essential during this time period for CIBC as they must maintain the technology consumers demand. The Canadian Imperial Bank is placed extremely well with a significant and assured customer base from the level of the government and the public sector business. Many government parties will do business with

The change and advancement in technology are a significant factor in the banking business. Technology has led to tremendous improvements in this industry. Since the commencement of this millennium, people have shown great love for their mobile phones (Ozaki 1992). It necessitated the invention of mobile applications (APPs). From the introduction of the mobile banking, APP people rarely go to the banks. All their transactions get done simply by the stroke of a finger. Businesses face a challenge of adapting to changes in the technology sector. Mobile banking either through actual investing or any other means is on the rise.

As the world today is moving towards technological adoption, the banking industry is no less to follow the similar pattern. Most leading banks have undertaken this front of making their organization technologically viable, but the one industry that has been left out was the MFIs.

It is very much true in the modern day that, technology is inseparable from the processes of economic growth and development of any developing country, and for the collection of capital. Given this fact and the significant role of commercial banks adapting modern technology and contributing in the development process, there is obvious scope for an investigation of the impact of modern technology in the banking system.

This case study aims at providing substantial information pertaining to the effects adopting IT in a particular banking institution. The researcher understands that there are important issues that have to be disclosed and discussed in order to determine aspects that need to be improved for both subjects involved in the study. For the purposes of achieving a comprehensive discussion regarding the topic, substantial amount of data has been gathered to serve as references. Direct texts are taken form relevant sources so as to prove that claims and arguments raised by the researcher are facts-based. In addition to this, direct statements coming from persons who are knowledgeable about the topic are also taken into account for the purpose of supporting arguments. Textual illustrations and practical examples are also included by the researcher in order to clarify ambiguous concepts and strengthen explanations.

Technological factors: The change and growth of technology make a difference in prevailing banking functions. Technology has developed over the years and this has

Financial institutions work with a large amount of data, often sensitive information. The computer software banks use are quite complex, which makes them a target for fraud and

Technology 's impact on society has changed in many areas of our lives. Technology has changed travel, you can now book your own plane ticket without going to a traveler’s agency, schooling you can take classes online, and have access to doctors and medicine without having to leave your home. I chose to write about the topic of banking. With the help of technology banks are able to reach out to more customers and provide better services to them. How has technology affected the world of banking? What choices do we have when it comes to our banking needs?

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

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.

Although, electronic banking provides many opportunities for the banks, it is also the case that the current banking services provided through internet are limited due to security concerns, complexity and technological problems (Sathye, 1999 & Mols, 1999). According to Financial Services Authority (FSA) 2010, banks face several risks but notably are; Safety situations around ATMs, abuse of bank cards by fraudsters at ATMs and the danger of giving your card number when buying on line. Security risk is a major source of concern for both customer and the bank. Since E- banking services are offered using network, it is exposed to risk environments hence leading to security breaches. The consequences of security threats are potential financial, legal and reputational implications.

➢ These 21 banks are willing to implement modern technology for improving their banking performance.

The last time that technology had a major impact in helping banks service their customers was with the introduction of the Internet banking. Internet Banking helped give the customer's anytime access to their banks. Customer's could check out their account details, get their bank statements, perform transactions like transferring money to other accounts and pay their bills sitting in the comfort of their homes and offices. However the biggest limitation of Internet banking is the requirement of a PC with an Internet connection, not a big obstacle if we look at the US and the European countries, but definitely a big barrier if we consider most of the developing countries of Asia like China and