IT applications in the banking industry

Abstract

With the introduction of IT in the financial services industry. many new services such as ATMs. homebanking & and credit cards have been introduced. Though these services have provided efficiencies and convenience to customers. they have also created new problems. In Singapore. the impact of IT is beginning & to be felt and it is the aim of this academic exercise to establish the sociological impact of IT applications in the banking & industry. It is based mainly on literature review and surveys conducted with 136 individual customers. 54 corporate customers and 10 banks in Singapore. An exclusive interview with Citibank was also held. Findings from the survey revealed that with IT implementations. various products and services have been developed. many of which have enhanced customer service in one way or another. However. IT implementation has also brought alonh new problems. especially in the human -related areas. Despite this. IT development is still considered favorable by most of the respondents. As such. future applications of IT will continue to play a major role in the development of Singapore into an international financial centre of repute. A case study of NETS is also presented to highlight the essential ingredients needed for any successful IT implementation.