Modern technology in contemporary banking – Introduction
Looking from the perspective of any business, especially businesses in the era of the global financial crisis, management is inseparably associated, on the one hand, with risk and on the other with the question of the efficient use of expenditures incurred for the development of a viable profit. Hence, technology becomes an increasingly important feature in today’s businesses This is because the gradual complication of transactions carried out by businesses necessitates the establishment of technological systems and management procedures that allows for both improvements in the efficiency and competitiveness of their investments, as well as protection from some of the risks associated with carrying on business operations.
This situation also applies to today’s banks. Banks are acting in a world rich in the latest scientific and technological inventions, which they utilise to maintain contact with ever more demanding customers. In this environment, banks need new organisational models that are not only flexible enough to adapt quickly to changing socio-economic circumstances, but are also able to predict emerging changes and new trends. The abovementioned rapid and progressive changes in the organizational environment of modern banks, as well as changes in the needs of markets, are encouraging banks to move away from inflexible organizational structures, and to seek innovative products that provide much better solutions within a competitive global environment.
This paper aims to show that specific businesses are seeking to capitalise on the rapid development of information technology, with an emphasis on banks. Banking is one of the areas in which Web services are evolving from simple marketing and information functions to the provision of a full range of services that had been traditionally offered in bank branches or in telephone banking. And in doing this, banks are having to meet customers’ expectations while also facing increasing competition. This development also shows that the modern banking system not only has to ensure efficiency, but that business security services are also necessary. Hence modern banks have to offer better deals that incorporate the modern and efficient management techniques of today’s banks, and to achieve this objective, banks are required to use the the latest technological tools.