Information and Communication Technology (ICT) and Banking Industry

Abstract

Information and Communication Technology, the language of the new age and its grammar which is Science has
become an indispensable and veritable tool for enhancing effectiveness and efficiency in all other aspects of life. Banking
industry has learnt the grammar and understands the language of the new age and tremendously transforms the Industry from
what it used to be to the economic mover of the whole wide world, through the magic hands of Computer Science innovations.
The adoption of ICT in banks has improved customer services, facilitated accurate records, provides for Home and Office
Banking services, ensures convenient business hour, prompt and fair attention, and enhances faster services. The adoption of
ICT improves the banks’ image and leads to a wider, faster and more efficient market. It has also made work easier and more
interesting, improves the competitive edge of banks, improves relationship with customers and assists in solving basic
operational and planning problems. This paper work analyses the impacts made by the Information and Communication
Technology in the Banking Industry, and some of the unexploited areas of the Information and Communication Technology in the
industry.