"Many of the impacts of Information Technology are straightforward. But they are not necessarily obvious, nor are they trivial" (Jack Nilles, Centre for Future Research)
The convenience and speed at which trades are being conducted in these modern times, courtesy of new technologies, are such that; time and distance are being collapsed enabling electronic commerce; free flow of information is highly encouraged; networking and virtual corporations is being turned into reality, workplaces now organized and working made flexible, and more. Child, (2005, pg 33) however observed that the impact of ICT will be more pronounced in some sectors than in others “As a communications technology, it has the ability to effect most change in communications-based fields such as financial services, education, entertainment…but more limited role in manufacturing supply chain, travel, and the energy sector”. It can rightly be said that in the financial services world, where I belong, ICT has become the basis for relevance, productiveness and advancement.
Impact of ICT on Guaranty Trust Bank plc
Different phases of transition have taken place from when banking operations were performed manually. The intranet technology, automated payment systems, online banking, mobile banking all have opened new opportunities in our bid to take products and services closer to users (customers, internal and external).
New Opportunities: The GTMobileMoney is the bank’s latest product. It’s an application that allows both our customers and non customer access to banking activities from the click of their phones. In its first 2 weeks of pilot run, the patronage has surpassed projections. More so was the pin-pad fast track technology being earlier introduced, which allows lodgements and withdrawals with a customer’s debit card. The influx was laudable. Our customers are also able to use their debit and credit cards anywhere in the world based on adopted technologies....