Impact of IT on Bank’s Performance

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Internet technology is very popular and has many benefits for the users; however it does has some elements of security risks to the bank and its customers at large. In this research work, I intend to look at impact of internet technology on Bank, its employees and the customers. More importantly, efforts were also made to research into various risks associated with this technology such as hacking, spam-email, phishing, identity theft or frauds and many others. After critical look at this technology and its associated risks especially the identity theft, two sets of solutions were recommended. The first set solutions addressed physical access control while the second aspect deal with authentication through the process of fingerprint and voice recognition.


This project is trying to evaluate the impact of Internet technology on bank’s performance and customer’s satisfaction. Banking industry is the bedrock of economy, the state of Banks will dictate the state of economy. If it stables, so will the economy. The present global economy recession attests to this statement. Technology innovation like Internet is groundbreaking in banking system. Transactions worth of billions of dollars take place in seconds in the electronic circuit throughout the globe (Castells, 2001). The banking and financial industry is transforming itself in unpredictable ways (Crane and Bodies 1996). Prior to the rocket of technology in banking sector, the function of the branch was very unlike the function of present branch. Earlier before the 1970s, the structure of the branch and functions were similar to one and other. Product offerings were equally the same and branches were only avenue for customers to make bank transactions. Majority of these banks were only relying on one or two branches but with many staff and cashiers. Customers were subjected to long distant travelling before they could carry out banking transactions. Face to face traditional banking was only means to process bank loan, make lodgements and withdrawals and customers were subjected to long queue in the banking hall. But the increase in the level of banking technology made the banks started a process of metamorphose that proceed till the end of the 20th century. As part of process, many channels of distributions were introduced. Among these channels are Automated Teller Machine (ATM), Internet banking, Telephone banking, call-centre, electronic funds transfer, wireless banking, and voice messaging systems, videoconferencing and many others. Rapid growth and development in internet technology over the last four decades have great impact on organisations. The impact was highly noticeable in area of services, products offering and business processes. Banks have use internet technology to cut operations costs, increase qualities, efficiencies and improve value-added services to the customers. Also, investment in technology gives competitive advantages to some Banks leading to some banks have opportunities to perform better than their rivals. Banks through the innovation of internet technology were able to provide better and cheaper services than traditional system of branch banking.

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