The Role Of ICT In The Banking Industry

Introduction ICT stands for Information and communications technology which includes technologies which are made use to broadcast different forms of media, audiovisual processes transmission systems, network-based control and monitoring functions and to handle telecommunications . ICT is synonym for information technology (IT), but its scope of ICT is broader than IT.ICT tools can be used in different platforms like businesses, schools, offices, churches, in cars, planes, social media, movies and in music studios polities.

Role of ICT in banking industry

Information and communications technology has played a big role in banking for many years now. ICT also made the banking industry more competitive than ever. ICT enables banks to offer better customer service through the spread and use of ATMs, Internet banking, phone banking, 24/7 services, plus the ability to offer an expanded portfolio of products and services. ICT offered the use of ATMs to banks which gave their consumers a greater access to their cash, consumers now longer have to queue up in banks to get their money invest in banks, and they obtain their cash at cash machines with 24 hours day availability seven days a week. With the presents of

In Virtual Factories ICT plays a role of value creation from global networked operations including global supply chain management, product-service linkage and management of distributed manufacturing assets. Digital Factories are supported by or play this role in digital factories ICT to a better understanding of manufacturing and design, better product lifecycle management including simulation, modeling and knowledge management from product conception to production, including product after-sales, maintenance and end-of-life