I) Background of the study
In Bangladesh, Banking industry has matured to a great extent than earlier period. It has developed superb image in their various activities including online banking. Now modern banking services have been launched by some multinationals and local commercial bank. IFIC BANK LTD is not an exception in this case. Online banking is one of the most demanded forms of latest technologies in banking sector. Application of technology in IFIC Bank Ltd has already proved to be effective by offering opportunity for reduction of both paper and people. The Bank has taken up a new project with Misys International Banking System Inc. (UK) to further upgrade its banking operation to state-of-art world class on-line banking solutions to provide faster and even more convenient centralized services to the clients. It has enabled the bank to protect and increase market share, to reduce operating cost by substituting physical capital and technology for labor and to generate new revenue. Online banking allowed the Bank to expand its markets for deposits and allowed it to extend credit activities. This has also enabled the Bank to offer new products and services and to strengthen its competitive position in offering existing payment services. Since the importance of Web presence in the Internet is absolutely critical, IFIC Web Site www.ificbankbd.com has long been launched for the convenience of the customers, where all the activities and information are constantly being posted and updated. A Central Mailing System is operational at the Head Office to let the customers have direct online access to the selected staff This paper will try to unearth the improvement of efficiency and profitability of IFIC BANK LTD due to introduction of Real Time Online Banking: MYSIS ONLINE SOLUTIONS. II) Statement of the problem
The new information technology is becoming an important factor in the future development of financial services industry and especially banking industry. Bank is faced with a number of important questions, for example how to take full advantage of new technology opportunities, how e-developments change, the ways customers interact with the financial services provider etc. E-banking is the newest delivery channel for banking services. Due to upsurge in the number of competitors in the banking arena online banking can be a major tool with the help of which certain innovations can be made possible. This innovation may help to increase the market share of the Bank with improved provisions of services resulting in increased profits. Customers of Bank today no longer are concerned about safety of their funds but are concerned with the increase in returns on their investments. Customers demand efficient, fast and convenient services. Customers want a Bank that will offer them services that will meet their particular needs (personalized Banking) and support their Business goals for instance; businessmen want to travel without carrying cash for security reasons. They want to be able to check their balances online, find out if a cheque is cleared, transfer funds among accounts and even want to download transaction records into their own computer at work or home. Customers want a preferential treatment and full attention by their choice Bank. All these are only achievable through online banking. With the problems and limitations associated with manual banking procedures as witnessed in most parastatals today, complied with the problems associated with the existing application programs even much more in the presence of serious technological advances aimed at improving information system. This is activities aimed at shedding light upon the need for improvement in accounting activities and the means of achieving its efficiency, effectiveness, reliability and success promising future through computer intervention. Online banking identifies a particular set of technological solutions for the development and the...
Please join StudyMode to read the full document