Analyzing ICT Usage and Value in Financial Institutions

This essay explores the application and importance of Information Communication and Technology (ICT) in the daily operations of modern financial institutions. It emphasizes information's crucial role in decision-making and problem-solving within organizations, highlighting how ICT systems aid in collecting, arranging, and applying vital information from diverse sources. The discussion references case studies to illustrate how ICT contributes to creating a comprehensive view of customers and market positions. Furthermore, the essay details how ICTs, through innovations like smart cards, ATMs, and internet banking, streamline financial operations. It points out the extensive use of computer systems in managing financial and employment records, tracking payments, and processing data. Ultimately, the essay concludes that ICTs significantly enhance various departments within financial institutions, such as marketing, HR, and customer service, while recommending broader adoption and training in ICT across all functional areas.

Running Head: ICT IN FINANCIAL BUSINESS
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ICT in Business
ICT Importance in Financial Business
(Student details :)
3/16/2019

ICT in Financial Business
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Recent ICT usage in Financial Institutions
This discussion is based on an application as well as value of Information
Communication and Technology (herein after referred as ICT) in everyday business
operations in the financial institutions of modern era. In any organization, information plays a
key as it escorts each and every decision which an organization makes or supposes to make.
Therefore, info is important within the decision-making as well as problem-solving
processes. In addition, without the correct info, an organization is bound to make
mistakes during such essential processes (Niebel, 2014).
Furthermore, in order to identify as well as describe the role of ICTs in financial
organisational activities, discussion over results of many important case studies of important
financial institutions are getting utilised. ICT system is majorly assisting a financial
institution for collecting, arranging and applying important info through various different
sources (Agwu, Okpara, Aigbiremolen, & Lyoha, 2014). In addition, ICT also develops a
combined picture of an organization’s customer, along with their market position within
various financial centres. Moreover, correct info management through ICTs, an organization
are accessing their net exposure in competitive markets (Niebel, 2014). The significance of
info in financial institutions is seen as effective decision-making as the quality of decisions
made greatly depends upon the quality precision as well as suitability of the info available to
the decision-maker. In this way, communicating the correct info at the desired time with the
right quality is what any decision maker, be it individual or institution needs at any time
(Sassi & Goaied, 2013).
In addition, ICTs are making financial institution’s functioning easier with the help of
many ways like smart cards, ATMs, internet banking and many more. During every day
business operations, financial institutions utilise computer systems in newly invented ways of
ICTs (Agwu, Okpara, Aigbiremolen, & Lyoha, 2014). Besides, computer systems are
progressively affordable; as they are becoming more powerful being info processing tools
and easier to utilise. Moreover, computer systems being the drivers of ICT has already
brought revolution in financial institutions. In this context, one of the largest applications of
computer systems is keeping all the financial records along with the employment records of
all the workers at a large extent. In financial organizations, value and usage of ICTs can be
seen through databases which are managed through computer programs during every day

ICT in Financial Business
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business operations. In this context, computer programs, databases and ICT applications are
used for billing of customers; tracking payments expected along with the payments to be
made. ICT is helping financial entities’ everyday business operations through tracking
supplier required and items manufactured, stowed as well as shipped to consumers end. In
this way, ICTs are utilising by all financial institutions on a very large scale while data
processing at the input, organization, verification, storage, transformation as well as
extraction of info from data (Agwu, Okpara, Aigbiremolen, & Lyoha, 2014). Later then, any
info system based on ICT refers to the application of computer systems which can process the
data in an effective manner (Niebel, 2014).
In whole, this discussion revealed that ICTs have really contributed a lot while
refining the functioning of every department of the financial institutions like marketing, HR,
finance, operations, and customer services. The value and usage of ICTs in various financial
companies include better online as well as offline support for the clients, ROI justifications,
lucrative sales volumes, lessening of queues in the financial premises, along with the more
interactive websites. However, still various financial institutions have not completely adopted
as well as applied ICTs to all functional areas hence this study commends that all financial
institutions of any nation should resolve this issue through proper training and guidance.
References
Agwu, E., Okpara, A., Aigbiremolen, M., & Lyoha, F. (2014). The Impact of Information
Communication Technologies in the Strategic Management of Financial Institutions.
International Review of Management and Business Research, 3(3), 10-15.
Niebel, T. (2014). ICT and economic growth–Comparing developing, emerging and
developed countries. World Development, 104(2018), 197-211.
Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth:
Lessons from MENA region. Telecommunication Policy, 37(4-5), 252-261.