BBM
THE IMPACT OF INFORMATION COMMUNICATION WORD

THE IMPACT OF INFORMATION COMMUNICATION WORD - CHAPTER ONE...

Info icon This preview shows pages 1–3. Sign up to view the full content.

CHAPTER ONE: INTRODUCTION 1.1 Background to the Study Information Communication Technologies have been a current issue for the past few years and hardly a day goes without a newspaper covering news referring to the ‘new economy’ or ‘information society’. ICT is also widely talked about in academia and governmental bodies. This is as a consequence of their influence in many aspects of our society from on-line shopping to virtual chatting. This research concentrates on the effects of ICT in the performance of commercial banks. The aim is to identify and understand the changes that ICT is causing on the banking sector, in order to examine in detail how the recent (and foreseeable) advances in ICT are affecting the sector and its future evolution. As ICT is having a strong influence on the evolution of the financial sector as a whole, financial markets and banks, some characteristics of evolution of markets will fall within the scope of this research. There exists various approaches to studying the impact of ICT on the banking sector. In this research we combine the technology assessment (TA) and economic approach. The aim of TA is to state objectively as much as possible the positive and negative impacts, the costs and benefits, the risks and advantages associated with (present or foreseeable) technical challenges. TA is an appropriate conceptual framework for analyzing the multiple aspects of the relationship between technology and banking and payment systems. Information and Communication Technology (ICT) is a term that describes the combination of computer technology which is hardware and software with telecommunications technology such as data, image and voice networks. According to Lucas (2010) information technology refers to all forms of technology applied to processing, storing and transmitting information in electronic form. The physical equipment used for this purpose includes computers, communications equipment and networks. Effective service delivery is important and has a great influence on customer satisfaction, improving sales and market share (Joseph &stone, 2003). 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Commercial banking is at a stage where customer perceptions and preferences have a very important impact on a bank’s success. Customer satisfaction is a measure of how products and services supplied by a company meet or surpass customer expectation. The integration of world economies has opened an array of business opportunities as well as challenges for firms. Increased standardization activity reflects, among other factors, demand by consumers for safer and higher quality products, technological innovations, the expansion of global commerce and the increased concern by many governments to societal and welfare issues. Firms in service sectors such as banking are under constant pressure to perform better, cheaper and faster. The developments in information and communication technology (ICT) are radically changing the way business is done. Electronic commerce is now thought to hold the promise of a new
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '15

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern