Mar 13, 2010 (LBO) – Banking is one sector which undergoes rapid change and transformation. Hence, what we have today as banks is completely different from what we had as banks yesterday. Similarly, banks tomorrow will be completely different from banks today. By incorporating ICT in their production models, banks have been able to successfully overcome the limitations placed on them by time and space. With respect to time, they were able to move into real time transactions and with respect to space, they were able to reach any customer in any part of the globe promptly.
The results which banks achieved were dramatic: new products, new customers, new markets and new businesses. This also contributed to the overall efficiency of banks in comparison to other industries which were served by them. The productivity, rate of profit, volume of business and ability to face external shocks too improved dramatically in banks. Overall, on the advent of the new millennium, banks had emerged, among all economic ventures, as the strongest and the most sophisticated institutions in the world.
Banks Have Become One stop Shops benefiting from ICT
ICT has also helped banks to become one stop shops. In terms of this change, the traditional distincti