Mis in Finance
Title Page Guidelines for Subject Group Project
Introduction
Gone are the days when Information systems were viewed as a supporting function in the banking industries. With ever expanding advancements in information technology with respect to speed and power of computers and internet technologies accompanied by the rapid decline in the cost and adoption aspects, IS has moved from being a back office assistant to a more prominent role of being a provider of competitive advantage. Bill gates had announced in 2008 that, “Banking is essential and banks are not” which created ripples in the banking sector on the potential of IT as an enabler of business. Apart from growing affluence and education levels of the customers who demand better service there is also an increase in the awareness among financial institutions on the potential of IT and the extent to which implementation IS can be leveraged to have an edge over the competition. The acceptance of e-banking in an Indian scenario is also ridden by questions of safety of transactions and privacy of data. Also a population of 120 million and a mere 400 million bank users in the Indian context highlights the need for a huge drive for financial inclusion. This goal of financial inclusion will only be positively facilitated by the growth of information technology which is bound to change the face of banking and financial services in India. With cut throat competition between banking and non-banking institutions and also with the blurring line of differentiation in the products provided by both of these, there is an increasing need for organisation and analysis of huge volumes of data generated across geographies. The paper tries to analyse the evolution of IS in banking and how it has impacted the competitive positioning of banks as well as the challenges faced in MIS implementation. It also tries to examine the levels of customer satisfaction before and after this rapid technology adaption in banks specifically
Introduction
Gone are the days when Information systems were viewed as a supporting function in the banking industries. With ever expanding advancements in information technology with respect to speed and power of computers and internet technologies accompanied by the rapid decline in the cost and adoption aspects, IS has moved from being a back office assistant to a more prominent role of being a provider of competitive advantage. Bill gates had announced in 2008 that, “Banking is essential and banks are not” which created ripples in the banking sector on the potential of IT as an enabler of business. Apart from growing affluence and education levels of the customers who demand better service there is also an increase in the awareness among financial institutions on the potential of IT and the extent to which implementation IS can be leveraged to have an edge over the competition. The acceptance of e-banking in an Indian scenario is also ridden by questions of safety of transactions and privacy of data. Also a population of 120 million and a mere 400 million bank users in the Indian context highlights the need for a huge drive for financial inclusion. This goal of financial inclusion will only be positively facilitated by the growth of information technology which is bound to change the face of banking and financial services in India. With cut throat competition between banking and non-banking institutions and also with the blurring line of differentiation in the products provided by both of these, there is an increasing need for organisation and analysis of huge volumes of data generated across geographies. The paper tries to analyse the evolution of IS in banking and how it has impacted the competitive positioning of banks as well as the challenges faced in MIS implementation. It also tries to examine the levels of customer satisfaction before and after this rapid technology adaption in banks specifically