Role of Technology Upgradation and its impact on Banks JAIIB

The banking industry is the backbone of the Indian financial system, and it is beset by several challenges. One such driver is the information technology revolution. Technology assistance is critical for the banking sector’s successful operation in today’s world. We cannot imagine the banking industry’s prosperity without IT and communication; it has expanded the banking sector’s importance in the Indian economy. Technology plays a critical role in developing an efficient financial system that can adapt properly to the requirements of a rising economy. It is very important for aspirants of the JAIIB exam to be aware of the Role of Technology Upgradation and its impact on Banks. There are two JAIIB exams each year. Role of Technology Upgradation and its impact on Banks will be discussed in this blog.

Download Role of Technology Upgradation and its impact on Banks

How to Download Role of Technology Upgradation and its impact on Banks E-book for JAIIB?

Step 1: Click on the download link. You will be redirected to Oliveboard’s FREE E-Books Page.

Step 2: Create a free Oliveboard account or login using your existing Oliveboard account details

Step 3: Download the book by clicking on the link presented on the page.

Introduction

The banking industry is the backbone of the Indian financial system, and it is beset by
several challenges. One such driver is the information technology revolution. Technology
assistance is critical for the banking sector’s successful operation in today’s world. We
cannot imagine the banking industry’s prosperity without IT and communication; it has
expanded the banking sector’s importance in the Indian economy. Technology plays a
critical role in developing an efficient financial system that can adapt properly to the
requirements of a rising economy.

Role and Uses of Technology Upgradation

In the banking industry, information technology refers to the application of sophisticated
information and communication technologies, as well as computer science, to enable banks
to provide better services to their customers in a secure, reliable, and affordable manner,
while maintaining a competitive advantage over other banks. The financial sector recognises
the importance of technology since it provides banks with a competitive edge through
effective client service. Technology has enabled banks to provide much more to their
consumers, such as card and telephone access, 24-hour ATMs, credit card, debit card, and
POS (Point of Sale) access, and anytime and anywhere banking. Thanks to technological
advancements, customers now have global access to their accounts at their fingertips.

Data and Message Transferring
• Electronic Mail
• Electronic Data Interchange (EDI)
Corporate Websites
• Account services
• A node for commerce
• Financial Advice
• Dissemination of information
• Gateway to the Internet
• To highlight non-banking activities
• Selling financial products

Management Information System (MIS)

A management information system is a computerized system used in an organization for
decision-making, information coordination, control, analysis, and visualization. The study of
management information systems in an organizational setting, including people, processes,
and technology.

Trends in Technology Development

Advances in software tools, computer hardware, and telecommunications have altered
banks’ focus away from data processing and toward computerization.

Data Warehousing

The process of building and using a data warehouse is called data warehousing. This is built
by combining data from a variety of heterogeneous sources to provide analytical reporting,
organized and/or ad hoc queries, and judgement. Cleaning, integrating, and consolidating
data are all aspects of data warehousing.

Information from a Data Warehouse:

Decision support systems can help you make better use of the data in your data warehouse. These technologies assist executives in efficiently and successfully using the warehouse. They may acquire information, evaluate it, and make judgments based on the information in the warehouse. The data collected in a warehouse can be applied to any of the following areas:

  • Tuning Production Strategies: Product strategies may be fine-tuned by repositioning items and managing product portfolios by comparing quarterly or annual sales.
  • Customer analysis includes examining a customer’s purchasing preferences, purchasing time, budget cycles, and other factors.
  • Data warehousing also aids in customer relationship management and environmental remediation, according to Operations Analysis. We may also use the data to examine business operations.

Functions of Data Warehouse Tools and Utilities:

The purposes of data warehouse tools and utilities are as follows:

  • Data extraction entails acquiring information from several distinct sources.
  • Data cleaning entails locating and resolving data problems.
  • The activity of transforming data from a legacy format to a warehousing format is known as data transformation.
  • Data loading involves sorting, summarizing, consolidating, confirming integrity, and creating indices and divisions.
  • Updating data sources in the warehouse is known as refreshing.

Read More Here

Take a peek at the Role of Technology Upgradation and its impact on Banks E-book


Conclusion

This was all about Role of Technology Upgradation and its impact on Banks for JAIIB. Our goal is to provide candidates with information that will help them prepare for the JAIIB exam. Keep following Oliveboard for more updates. To stay updated, follow Oliveboard on Facebook and Telegram.

FAQs

Q. What are Electronic Clearing Services (ECS)?

A. It is a method of electronic cash transfer from one bank account to another via the clearing house mechanism. It comes in handy when making large payments from one account to many accounts or vice versa. The recipient must have an account with one of the banks at the ECS Centre.

Q. What are some of the pros of data mining?

A. Some of the advantages of data mining are:
– Data mining assists businesses in making lucrative changes to their operations and output.
– Compared to other statistical data applications, data mining is a cost-effective and efficient option.
– The decision-making process is aided by data mining.
– It may be integrated into both new and current platforms.

JAIIB Study Material Compilation

Principles And Practices Of Banking Principles And Practices Of Banking | Study Notes For JAIIB (oliveboard.in)
Reserve Bank of IndiaReserve Bank of India: Organisation & Functions – Oliveboard
Types Of Shares And Their IssueTypes Of Shares And Their Issue- Types, Classification, Bonus Shares (oliveboard.in)
Understanding The Balance Sheet And Its FormatUnderstanding The Balance Sheets And It’s Format (oliveboard.in)
Accounting And Finance For BankersAccounting And Finance For Bankers | Study Notes For JAIIB (oliveboard.in)
Assets & Liabilities Assets & Liabilities – Meaning, Legal Requirements and more (oliveboard.in)
Public Sector Banks And Cooperative BanksPublic Sector Banks And Cooperative Banks | JAIIB Study Notes (oliveboard.in)
Calculation of Interest and AnnuitiesCalculation of Interest and Annuities-Business Mathematics For JAIIB (oliveboard.in)
Calculation of YTMCalculation of YTM(Yield to Maturity)-Basics of Business Mathematics (oliveboard.in)
Consumer Protection ActConsumer Protection Act COPRA- Free Pdf Notes for JAIIB 2022 (oliveboard.in)
Risk and Basic Risk Management FrameworkRisk and Basic Risk Management Framework JAIIB | Oliveboard
Risks in Banking BusinessRisk in Banking Business
Functions of BankFunctions of Bank – Short Notes for JAIIB Exam | Oliveboard
Payments and Collecting ChequesPayment and Collection of Cheques and Other Negotiable Instruments for JAIIB I Oliveboard
Data Communication NetworkData Communication Network and EFT Systems for JAIIB I Oliveboard
Technology Upgradation and it’s impactRole of Technology Upgradation and its impact on Banks JAIIB I Oliveboard

Also Read:

  1. 5-Important Tips To Crack JAIIB Exams| Check Here (oliveboard.in)
  2. JAIIB Frequently Asked Questions- 2022| Check Here (oliveboard.in)
  3. JAIIB Genius | JAIIB Weekly Quiz PDF – JAIIB Questions PDF (oliveboard.in)
  4. JAIIB Full Form – Junior Associate of the Indian Institute of Bankers (oliveboard.in)
  5. JAIIB and CAIIB Books- Exams Syllabus, Books, and more (oliveboard.in)

Also Check:

  1. JAIIB 2022 Exam -Notification Released (oliveboard.in)
  2. JAIIB Notification 2022 – Notification PDF, Eligibility, (oliveboard.in)
  3. JAIIB Apply Online – Application Form 2022, Fees, Instru (oliveboard.in)
  4. JAIIB Eligibility – Age, Degree, Nationality, Members (oliveboard.in)
  5. JAIIB Syllabus – Complete List of Papers, Modules (oliveboard.in)
  6. JAIIB Exam Pattern 2022 – Details of Pattern, Marking (oliveboard.in)
  7. JAIIB Admit Card November 2022 – Steps and Direct Download (oliveboard.in)
  8. JAIIB 2022 Cut Offs – Check JAIIB Minimum Cut Off (oliveboard.in)

DOWNLOAD THE OLIVEBOARD APP FOR ON-THE-GO EXAM PREPARATION

Oliveboard Mobile App
  • Video Lessons, Textual Lessons & Notes
  • Topic Tests covering all topics with detailed solutions
  • Sectional Tests for QA, DI, EL, LR
  • All India Mock Tests for performance analysis and all India percentile
  • General Knowledge (GK) Tests

Free videos, free mock tests, and free GK tests to evaluate course content before signing up!