Tuesday, September 14, 2010

The Role of Information Technology in Banking essay

The Role of Information Technology in Banking essay

The role of information technology in the banking industry has changed dramatically. Working in the banking industry for the past fifteen years, I have had the opportunity to witness a complete transformation of the way business is conducted. IT has made e-business possible in this industry.

One of the internal networks that allow the bank to do e-business it’s sales force automation and analytics eBusiness solutions which helps streamline operations and increase customer loyalty and sales effectiveness throughout its nationwide commercial sales force and network of all its branches.

It supports the company nationwide mobile sales force and give more than 250 workers access to the company’s online Customer Relationship Management system. The system has helped First Union to identify customer needs and provide more personalized service through any point of customer interaction. FU strategy was to gain competitive advantage with a more advance system for collecting, managing and leveraging customer information that will increase the productivity of the sales force.

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Another capability of this network include: centralized and up-to-date customer information across multiple communications channels; advanced reporting to analyze data from all customer transactions; management of compensation and incentive plans across multiple selling channels; advanced reporting to analyze data from all customer tansactons; management of compensation and incentive plans across multiple selling channels; accurate management of sales leads and the revenue pipeline, accurate, real-time customer quotes and proposals; identification of cross-sell and up-sell opportunities, and extension of sales channels to the Web.

We have implemented the internaet as an external function. Because we not only compete with businesses for job candidates. We have managed to increase the number of employment applications by 10 percent while making sure that only high-quality candidates are referred. Our employment recruitment site is a 24/7 operations. The recruitment application runs from the ralled on the desktops, only a Web-browser and an Internet connection are required. Web; nothing is install.

Employing an online recruiting system makes the process of applying for a job easy and understand le, and it helps a pub lic agency in its talent battle with the private sector. This system saves time when collecting and screening applications, sending out notifications, and arranging testing and interviews. The business saves a lot of many by eliminating paper mailings and now receives about 76 percent of its applications online.

The system consisits of an online employment centr, which posts jobs, accepts aplliications, and permits review and communications directly with the hiring department. Ig combines paper-based and electronic forms into a single database. The Application Tracking modue updages appicaitn status throughout the hiring process, sends notices, and refers them to a hiring department.

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