Impact of Information Technology in Banking Sector: A Case Study of ABC International Bank

Introduction to information
technology

ABSTRACT
The report covers the impact of IT in enabling businesses in enhancing their operations.
This will be based on banking sector; the chosen organization is ABC international bank. Any
innovation and transformation in the business comes with certain social and ethical issues which
are to be considered to run the business efficiently specially in the banking business like
moralized utilization of data and resources, misuse of the personal information and to be
responsible in the adoption of disruptive teach. Different types of computer networks are
discussed. Also the enhancement of these banking businesses will require the implementation of
artificial intelligence to improve the customer experience.

Table of Contents
INTRODUCTION...........................................................................................................................4
LITERATURE REVIEW................................................................................................................4
Impact of IT.................................................................................................................................4
Social and Ethical Issues.............................................................................................................5
Computer Networks.....................................................................................................................6
Artificial Intelligence...................................................................................................................7
ANALYSIS AND DISCUSSION...................................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
The term information technology is referred as the act of studying or using systems like
computers for information storage, retrieval and sharing or transferring. The use of information
technology in the banking sector enables banks to provide best of its services to its users. It helps
the banks to provide a secure, affordable and reliable experience to its consumers. banks can
sustain their competitive advantage in the industry through IT services. Arab Banking
Corporation (ABC) is an international bank in UK. The current report will discuss the impact of
IT in helping ABC international bank to enhance its operations. Report will highlight the ethical
and social issues that have been becoming highly important in the virtual world. Further the
report will identify and discuss some of the issues that hinders the smooth functioning of the
business. The report will also identify and discuss the different types of computer networks and
their relative impact on the business. Lastly the impact of artificial intelligence in enhancing the
business of ABC international bank will also be covered.
LITERATURE REVIEW
Impact of IT
According to Kumar and Prakash (2018) the environment of banking sector is becoming
increasingly competitive in the recent time. In order to effectively survive and flourish in the
evolving conditions of the banking industry the banks implement the use of latest technologies
that helps in their development and making their structure flexible so that it can respond with
ease to the changing conditions of the industry. IT acts as an instrument for the banking sector
for reducing its cost and communicating effectively with people and the institutions involved
with the banking business.
In the thoughts of Achmad and Pamungkas (2018) with the use of IT the banking system
is moving from being traditional towards being relationship banking. Initially the relationship
that used to exist between bank and its customers was one on one through branch level. All the
responsibilities of clearing operations and decision making lied with the branch individual. And
the head office was burden with the overall network of clearing, and management of branch
network size and staff training. Now in modern banking the need to rely on branch reduced.
In the views of Abbasov, Mamedov and Aliev (2019) using IT in the banking sector is
important as it helps the banking institutions to increase their efficiency. Banks are enabled to
provide efficient and fact services to their customers with utilization of modern technologies.