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The Impact of Technology on Bank Operations - Essay Example

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The author of this essay entitled "The Impact of Technology on Bank Operations" thoroughly explores how technological advancements influence banking sphere. As the text has it, technology has an important role in the development of human activities worldwide…
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The Impact of Technology on Bank Operations
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Download file to see previous pages As analyzed below; however, the role of technology in the limitation of costs of banking has not been clearly proved. This paper aims to explore the potential effects – if any – of technology on the limitation of costs in banking; the overall impact of technology in banking will be also examined – at the level that it helps to identify the relationship between costs and technology in the banking sector.
Bank operations are heavily based on information technology systems; in fact, without these systems the development of banking activities would be impossible – at least under current social conditions; in the past, the independence of banking transactions from technology was high – referring to the period before the development of IT systems; however, even in this case, technology intervened in banking activities – for instance through machines which were used in the transmission of information related with financial transactions – referring to the initial types of phones and machines of similar functionality. Currently, banking operations play a key role in the development of human activities; banks intervene in the payment of salaries, the exchange of money and the transfer of money within a country or internationally. The level of intervention of technology on banking activities is the most important criterion for deciding on the dependency of bank operations on technology; in accordance with Sullivan (2000), the impact of technology on banking operations has been increased after the appearance of the Internet.  ...Download file to see next pagesRead More
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