Abstract. Relationship banking is treated as one of the most important factors A.N. Berger, L.K. BlackBank size, lending technologies, and small business finance J. Vella, A. CaruanaEncouraging CRM systems usage: a study among bank. The relationship between electronic banking and financial performance among A Study of the Effects of Technological Innovations on the Performance of. The use of technology has become prevalent in the current banking institutions. Due to the competitive nature of this industry, almost every bank is embracing.
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Can information technology enable profitable diversification? There are key areas that are incorporating technology into financial activities to help develop the customer journey including: Customer service Perhaps the biggest way that FinTech is disrupting the finance and banking sector is through customer service.
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In the past, a good customer service team was vital for any company involved in finance. Anything that involved the handling of money or financial matters required trained staff to be able to help sort out problems and provide assistance to people.
An AI which evolves and gets smarter is something which is good on paper, but in theory, it both lacks a human touch and also renders a lot of people surplus to requirement. Why pay a staff member when a machine will work for less?OCBC Bank Part II, Setting the Standard for Technology Innovation
Online banking Banking was traditionally something that was done in the non-virtual world. People would go into town to their bank to withdraw money, transfer funds from one place to another, and sort out their finances.
It needs to be presented securely and responsibly. But is this just a move back to a more traditional technology outsource or service integration? Service measures must move from measures of provision to the organisation to metrics of service enablement for customers, e.
In a world of commodity IT and cloud services, banks will truly be buying service outcomes with limited ongoing visibility of the underpinning capability and delivery model.
Just as operating models change so the approach of financial services organisations towards technology procurement must change.
How technology is impacting the finance and banking sector
As procurement seeks to fulfil the technology demands of business divisions as much as IT departments the priority becomes seeking a partner rather than a technology. The criteria for this selection becomes the credibility of the supplier organisation as a highly secure, human centric, technology provider which shares the client business values, and its willingness to take risk and invest in outcomes for the clients customers.
Procurement must help their business to shape the right long term mutually beneficial relationship to secure their partners of choice.