Success of banking lies in effective IT

STAFF REPORT ISLAMABAD: The future success of banking industry lies in the effective use of information technology and passing on its benefits to banks’ customers in terms of cost, speed and convenience.“No bank today can survive without sound information technology infrastructure. The reason is that banks do not sell tangible products rather they sell ‘customer experience’ and ‘customer possibilities,” Yaseen Anwar, Deputy Governor, State Bank of

Pakistan, said while delivering his keynote address at the ‘IT & Banking Conference, 2011’.He said that in recent decades, technological innovation has made its deep inroads into the banking sector. ‘Not only has IT become a key factor for managing all types of banking operations, but also has become the key driver for financial inclusion both in terms of products and services,’ he said.He said that IT use is now defining customer service standards of banks due to increased usage of phone banking, IVR systems, Internet Banking, ATMs, POS, Credit Cards and other host of transactions of different modes under the band of e-banking.

http://www.technologytimes.pk/2011/06/04/success-of-banking-lies-in-effective-it/