Management of Information and Technology In Banking - Lloyds Bank - Case Study Example

The paper "Management of Information and Technology In Banking - Lloyds Bank" is a perfect example of a finance and accounting case study. Changes in Information and Communication Technologies have recently turned out to be central to various developments within the banking as well as financial services industries. A number of the banking industry analysts consider technological change on their shortlists that identify such important factors that underlie the dynamics within the structure and performance of the banking industry. For instance, developments in information management are playing a major role in encouraging banks in undertaking expanded powers and reducing their geographical restrictions. In addition, more complete and quicker access to customers’ information is enabling banks to manage very complex customer relationships as well as involve in cross-selling of their extra financial services in a more efficient and effective manner. Furthermore, studies show that technology has been considered as a motivating factor for the majority of the contemporary big bank mergers, while such institutions identified with less or no efficient management of technology seek out those merger partners with enhanced technological skills management and applications. Technological changes that relate to telecommunications, as well as data processing, have encouraged financial innovations that have changed bank products and their services through production processes. The increase in technological change within banking as well as a payment system is more likely to maximize consumer protection issues. Since technological advancements significantly enhance the capability of banks and some other financial institutions in order to collect and make use of vast amounts of technical information and concerns the need for suitable privacy safeguards. As a result, consumers become interested in having a clear understanding of their own rights and responsibilities while using the new systems and technological products.