Banking Case – Technology and Communication
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Technology and communication services have changed immeasurably in the last century specifically in the last fifty years. Technology is ever changing and innovating.
Firstly choosing a bank in this current economic crisis has become of high importance, you need one which can cater for your specific financial needs, and trying to match a bank with these needs is no easy task. With high competition in the market place, banks need to grasp at every opportunity to get the competitive advantage over another.
In tough economic conditions, every financial institution wants to get its hands on consumer money to strengthen its assets and increase its customer base. These days, local and national banks have become so good at marketing and selling their products, they beat grocery stores with their eye-catching, cant-resist, mind-melting, gravy “deals”. You probably see at least two or three offers for opening a bank account in your mail box, some banks even offer cash or gift cards to get you started.
Therefore many industries have to invest heavily in Information Technology in order to be one step ahead of other competitors who now operate within the global economy. It can be said that there is an established trend within the financial services sector of increasingly heavy dependence on technology for delivering services and this will continue in the coming future. The reliance on technology comes from the enablement, as a result of its use, to provide services and process tasks which would not otherwise be provided.
The Financial service industry could not provide the level of service or professionalism without the support of advanced information processing and telecommunication technologies. So it might not be surprising that the financial services sector is one of the biggest investors in information technology.