Banking Technology
INTRODUCTION
The entire world is living with technology, survive with technology, the term technology is take part with entire human life in the world all the activites were done successfully through technology, this helps to everyone to survive in the tuff competitive world, now a days all the sectors were emerging with the use of technology, the banking sector also adopting technology in different aspects to their effective performance in the competitive environment, and through this they are rendering the best services to their customers.
The term “banking technology” refers to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable, and affordable manner, and sustain competitive advantage over other banks. Banking technology also subsumes the activity of using advanced computer algorithms in unraveling the patterns of customer behavior by sifting through customer details such as demographic, psychographic, and transactional data. This activity, also known as data mining, helps banks to achieve their business objectives by solving various marketing problems such as customer segmentation, customer scoring, target marketing, market-basket analysis, cross-sell, up-sell, customer retention by modeling churn, and so forth.
Successful use of data mining helps banks achieve significant increase in profits and thereby retain sustainable advantage over their competitors. From a theoretical perspective, banking technology is not a single, stand-alone discipline, but a confluence of several disparate fields such as finance (subsuming risk management), information technology, communication technology, computer science, and marketing science.
Banking technology comprises the information technology, finance and risk management, marketing risk, communications technology and finally computer science. so the banking technology cover all the
The entire world is living with technology, survive with technology, the term technology is take part with entire human life in the world all the activites were done successfully through technology, this helps to everyone to survive in the tuff competitive world, now a days all the sectors were emerging with the use of technology, the banking sector also adopting technology in different aspects to their effective performance in the competitive environment, and through this they are rendering the best services to their customers.
The term “banking technology” refers to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable, and affordable manner, and sustain competitive advantage over other banks. Banking technology also subsumes the activity of using advanced computer algorithms in unraveling the patterns of customer behavior by sifting through customer details such as demographic, psychographic, and transactional data. This activity, also known as data mining, helps banks to achieve their business objectives by solving various marketing problems such as customer segmentation, customer scoring, target marketing, market-basket analysis, cross-sell, up-sell, customer retention by modeling churn, and so forth.
Successful use of data mining helps banks achieve significant increase in profits and thereby retain sustainable advantage over their competitors. From a theoretical perspective, banking technology is not a single, stand-alone discipline, but a confluence of several disparate fields such as finance (subsuming risk management), information technology, communication technology, computer science, and marketing science.
Banking technology comprises the information technology, finance and risk management, marketing risk, communications technology and finally computer science. so the banking technology cover all the