Information Technology And Employee Performance Essay

o Technology: In a technology driven world, it is important that banks in the industry ‘move with the time’. With respect to the big four, these banks have now introduced internet and cell phone banking as well as banking from the ATM; making the industry highly competitive. This technology aims to make banking for the client simple and accessible from anywhere. This new technology is aimed, once again, at the medium to high-income earning clients, who have access to these technologies.

The current section will determine the role of information technology how it is changing organization and business performance. Without any doubt, considerably IT is altering organizations at present and can be summed up in a single line: IT is breaking down obstructions. It breaks down obstruction by making communication simple and important. According to (Tirgar and Chirani 2013) IT is like a area which is full of technology which is facilitating the world to gather information and information technology presentation in U.S assert that investment in IT has a save result on financial performance of the company. Moreover, IT helps managers in making decision and IT allows mangers to immediately coordinate and control the organization’s functioning.

Information technology has had as much impact on our society as the industrial revolution. In the information age, companies are finding that success or failure is increasingly dependent on their management and use of information. Therefore, companies need a good information system that enabled an efficient and effective use of information to give them more competitive advantage (Moscove, Simkin, & Bagranoff, 1999).

– Information technologies as competitive necessity – May be: • Industry-level changes, e.g. Citibank’s introduction of ATMs • Governmental regulations requiring record-keeping

In the field of IT, new technology is coming every day. The one which is very popular today might get obsolete tomorrow. So to have a competitive edge over the competitors the banks must always update their services.

(Ernst&Young, 2015). It is essential for capital markets institutions to upgrade technologies – in-house or through joint ventures, strategic alliances or acquisitions of ‘permitted’ technology firms that are closely aligned with banking – to make valuable operational and financial decisions. (KPMG, 2015). Bank must also invest in technology preventing financial crimes and cyber threats. Furthermore, investment banks can enable their staff to access necessary information to perform their work more efficiently and support better connectivity with clients by using social media and mobile technology. Technology will enable the bank to transform , to take control, to rebuild trust, to drive efficiency and to become digital.

The banking industry has experienced the rapid development during last decade. The development of banking industry can be seen from the large number of bank mergers and the increasing of average size of banks and the area over which they operate. However, the banking is passing through a period of substantial structural change under the combined and inter-related pressures of eight key areas in banking industry:

The transformation of retail banking began between 1980 and 2000 with the use of digital technology to make

The banking industry gained the opportunity to improve the quality of services offered to their customers with a mechanism that marked the way for the introduction of sophisticated services at a negligible cost. Providing Banking Services through internet proved fruitful to bankers in terms of establishing a single platform for providing a wide range of services and reducing the cost involved in such service offerings. This mechanism revived the service structure of the banking industry and provided customers with cost, convenience and comforts.

In the phase of increasing competition and technology, companies has to implement changes and provide customers with evolving technology to keep up with their customers. In the last decade, banking

The structure of the banking industry has undergone sweeping changes in the past two decades. In response to heightened competition from non-bank financial firms enabled by technological progress among

Information technology may be considered to be the harnessing of electronic technology in its various forms to improve the operations and profitability of the business as a whole. Information Technology provides significant improvements with facilities such as word processing (improving secretarial, typing and some reprographic services) communication facilities in the form of electronic mail, databases in relation to filing and data retrieval. Such advances improves business efficiency eliminating unnecessary delays in communication between different parts of the

Information Technology directly affects the way banks operate, mangers decide and plan and products are being offered in banking industry. IT continues to change the variety of innovative devices available to enhance the speed and quality of services delivery. In this competitive environment, banks should be able to modify their traditional practice and be readily acceptable to the new technology in order to remain viable in business.

Also different banks employ different banking applications software to gain competitive edge and introduced various electronic products. The challenge here is that some of these ICT packages are not compatible or were not properly understood before been introduced and banks have already incurred huge costs in the acquisition of these technologies

Information technology can give a company ready access to improve product and service quality, reduce costs, increase productivity in smallest time possible, and communication between employees and to make things with lesser effort but having a better output and even improve company morale.