• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Effects of Information Technology on Business

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. UNIT4: PRESENTING BUSINESS INFORMATION

    October Second Quarter Trading Statement (FY 2005/06) 1 September Interest payments: 8% Irredeemable Unsecured Loan Stock interest paid 4 August DRIP Final dividend: Plan share certificates issued 11 July Interest payments: £300m 6.50% Notes due 2012 11 July Interest payments: Euro 800m 5.625% Notes due 2008 18 July Capital return:

  2. For my business report I am investigating the Co-op erative society supermarket.

    * To the environment. Co-op recognises that all commercial activity has an impact on the environment, but is determined to measure and to minimise the adverse effects of the business activities while positively contributing to environmental improvement. Co-op aims to minimise the effect of the businesses activities on the environment

  1. Implementation of ATMS at SBI. Banks in India are looking at deploying biometric ATMs ...

    Signage can be placed such that it is visible from a longer distance. Lollypop signage can be placed in front of the ATM site. It can also be placed at a distance from the site at a junction indicating the location of the kiosk.

  2. Access to computing

    This program may not be as user friendly as it Microsoft competitor and there could be possible compatibility issues. Another piece of software which needs to be considered is security software. Because there will be a lot of confidential information passing through the firm there will need to strict rules about what the internet can be used for.

  1. Free essay

    Managing information

    Spreadsheets In Tesco a lot of calculations need to be done and in order for someone to sit there and do all the calculations it will waste a lot of time and money for them, so since the existence of spreadsheets at Tesco it has been very successful for them

  2. customer service with in Sainsbury

    * Ethnicity. We have a growing ethnic population bringing different experiences and customs to the country. 7% of us are from an ethnic minority group and 27% of Londoners were born outside the UK. The huge increase in travel has meant that for many of us the world has become

  1. How Technolgy effects some in the work place

    to type out the whole thing * Chris can now work from home Disadvantages * You need to be able to type well and Chris can't so it takes him a long time * Some training is needed to learn how to send Emails * You can not speak in

  2. Recent Developments in Information Technology

    Another example is, without the use of Paint Shop, the organisation will have difficulties in producing its Company logo. Another example is, without the use of Microsoft Publisher, staff who are working in the marketing department, have to produce

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work