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Q.

What are the disadvantages of information technology in banking sectors?

Tags: careers, education, information technology
Asked by Innocent girl, 01 Feb '13 07:00 pm
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Answers (5)

 
1.

I don't know how detailed you need the answer so I can give you a fairly brief one. A disadvantage from my personal perspective in this line of work is that IT provides mass collaboration with customers/partners/businesses in a real time setting allowing the passage of funds/transactions instantly. With such fast communication it is hard to verify if said transactions are real or said customers/partners/businesses are real until after losses have incurred or a strong relationship has been built. We no longer have to look customers in the face in order to transact. You only need a computer. Therefore there is always the risk of false identity and stolen accounts. The last disadvantage is that banks rely and partner up with other banks especially in the international markets. You are trusting that their Compliance is up to snuff as well as their security because depending on how the relationship is layered a simple database breach could level the bank(s). I hope that makes sense.
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Answered by chandan kumar, 05 Feb '13 12:00 am

 
  
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2.

Advantages: Quick disposal of customers, fast customer service, fast transfer of funds on the same day with reasonable charges, no work monotony for the staff.
Disadvantages: Employment opportunities reduced, fraud chances are more like phishing etc., data crash may result in a huge chaos.
Answered by Seshadri Srinivasan, 01 Feb '13 07:02 pm

 
  
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3.

Mostly network problem cause delay in transactions.
Answered by anantharaman, 01 Feb '13 07:02 pm

 
  
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4.

Banking sectors are very well-equipped with the technology and infrastructure facility but ill-equipped manpower clogs the whole system. Young and new blood are very much encouraging to learn things but the aged ones are not accustomed to get tuned with the changing times and this is the major setback in that segment...!
Answered by Dil Se, 02 Feb '13 11:16 am

 
  
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5.

Lack of good IT professionals , lack of infrastructure
Answered by tanuja, 02 Feb '13 09:58 am

 
  
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