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Effects of Information Technology on Business

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Introduction

Report From: Mark Fanneran Report To: Miss Enright Date Advanced GNVQ Business: ICT in business Information Communication Technology (ICT) is a major part of the new era of banking. It allows banks to reach out to a new type of customer and allows customers to use the business on line. But how has ICT affected the way banks operate as a business? In this report I will try to investigate how information technology has affected the way banks operate. I can do this by separating the report into four sections. They are: 1. What is E-Commerce and what affect it has had on banking 2. What are the recent developments in IT? 3. How are the recent developments in IT used in banking? 4. What is the potential use of IT in the future? At the end of this assignment I hope to be able to understand how IT affects banking in the present and how it will affect it in the future. What is E-Commerce and what affect has it had on banking Electronic Commerce is when business' start trading over the internet so they can reach out to a different type of customer and also allow their existing customers the chance to use their company without leaving the comfort of your own home. ...read more.

Middle

This means that customers are now able access the information they need from the comfort of their own home instead of going to the bank and asking employees information. You can also see your account with just a click of a button so therefore makes the customers happy. You don't necessarily need capital investment to set up a web site. In most cases it is free to set up so all you have to do is make sure the web site is eye-catching and appeals to the customers. Trading costs will also decrease because you will have fewer employees. This is because in a normal bank you will have many employees such as cashiers, personal bankers and security guards that you will have What are the recent developments involved in IT and how is it used in banking New technology is being introduced everyday to make sure that banking is being made easier for its employees and of course its customers. Here is some of the technology: Video Conferencing This technology is used so that people can see and hear whom they are talking to. This is already used on the National Health Service (NHS) and is called Telemedicine. This is when for instance a patient and doctor are both present at different terminals such as the doctor is in America and the patient lives in Britain. ...read more.

Conclusion

Each employee knows how their company is doing so if it is not doing well they can find out ways of improving the company. Also all the employees have a better repor with each other all the way from the chief executives down to the cashiers which means everybody will be on the same wavelength. Extranets This is the opposite of intranets as this allows the customers to find out about any information they so desire. This time it allows employees at the bank to have a better repor with their customers. The customers will think more highly of the bank because they will find out how the business is operated and they can have their own output on how to improve the running of the bank. Corporate data integration This process allows anybody to see how the bank is doing on a monthly basis. They will show interest rates, stock exchange and any other information they want see once a month. This can be frustrating because if you are anxious to see how your shares are doing then you have to wait a long while. This is a very professional way to run things. Access to corporate data for on-line just-in-time reporting This process is a more customer-friendly service. It allows customers to see what is really happening in their bank. ...read more.

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