for what purpose IT used in
banking
Answers
Answer:
From the point of view of a bank, the purpose of banking is to make a profit. Banks are companies just like any other, trying to make money. They make money by taking in deposits and lending them out. The interest they charge is a major way of making money.
The article presents a study which aims to analyse the role of information technology (IT) in the banking industry. IT has helped the banking industry to deal with the challenges the new economy poses. More than most other industries, financial institutions rely on gathering, processing, analysing, and providing information in order to meet the needs of customers. Given the importance of information in banking, it is not surprising that banks were among the earliest adopters of automated information processing technology.