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