Technological Advancement

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Technological Advancement

By | March 2011
Page 1 of 11
Technological advancement
Technology helps to make a greater change and competence in the provision of financial services and ultimately determines the toppers in the powerful competitive financial markets of the economic system. Technological advancements have paved the way for fundamental changes in the banking industry. Calculated and arranged business plans have taken into account to give us new ways of doing businesses, expansion in branches with more technology enhancements, more refined risk management systems and better and suitable customer services by some of the developed banks are important examples of technological advancements. Although these have been important milestones for the services of banking industry within Pakistan, the small change in terms of the way business is done has not bring a big change and has not brought the banking services closer to the low income segment of the market, which comprises of a large portion of the market within our region. Hence, it is critical that our banking industry adopts a suitable organizational model that supports business processes to use technology for deriving economies of scale and creating cost efficiencies by targeting the vast population of our country. However, some of the changes in technology that we are witnessing currently have been exceptional and idealize for banking industry, such as the boom in internet usage and mobile phone technology. The use of ATMs and e-banking products has gained prevalence as everyone is using this service nowadays and almost all banks have established networking of their ATMs with the interconnectivity. ATMs provided better in outstation places which has enhanced the customer usage of this service, offering more alternatives and choices to customers. The relatively smaller size banks have also been able to compete with the large banks and retain their market presence by using technology more effectively. In this way technology effects. Information technology is...
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