Information Technology in Global Banking and Finance Research Proposal

Information Technology in Global Banking and Finance - Research Proposal Example It can also be defined as a business that is being carried out by bankers. Banking industry is going through drastic changes nowadays and the major causes of these changes are; increased competition, better products, increased restrictions etcetera. Information technology is the major issue that the executives keep in their mind while designing the strategies for global banking. Information technology can be defined as a productive combination of human resources, hardware, software and ways of communication that collect data and transform it in to meaningful information in an organized manner. In today’s competitive world only the banks that use their information technology efficiently and strategically can handle the changing market conditions effectively. (Anyasi and Otubu 2009, p.1). 2.1 IT can be used in the many forms or manner in global banking industry including Internet Network, SMS Alerts, E-mails, ATMs and Electronic Fund Transfers etc. The other services provided by banks are authentication, internet access, security systems etcetera. (Alawode, John & Kaka 2008, p. 675 – 676) 2.2 Use of technology has reduced the probability of human errors and has been effective in reducing the overall costs. It also helps in providing valuable information to consumers easily and on lower costs, it also facilitates the performance of tasks and makes them less time consuming. Examples of improvised banking services because of involvement of IT are Telephone and Internet banking. (Ombati, Magutu & Nyamwange 2010, p. 155 – 156). 2.3 Though technology has benefited the global banking industry to a great extent but there are certain limitations to it which include; the first major limitation is security as the consumers do not consider e-banking a secure process to solve this problem banks are providing consumers with authentication, another limitation is lack of training if the work force is not properly trained then it can affect the benefits that