Internet on Quality Service Delivery †Free Samples to Students

Question: Discuss about the Internet on Quality Service Delivery. Answer: Introduction: The application of IT mostly refers to computers as well as the peripheral equipment has witnessed widened development to different industries in the past years (Laudon P Laudon J, 2004). The most typical example of the industries is the banking and finance sector. To enhance productivity the Diamond trust bank requires incorporation of information technology. Increased output and gains will be achieved once the banking includes its transactions. Since information technology is associated with processes which facilitate making profit it is therefore required in the bank. Banking activities associated with banking include internet banking, digital payments, security investments as well as information exchanges. The services will ensure that Diamond trust bank acquires large market since its services will be available globally. The primary reason as to why Diamond trust bank should adopt information technology is the need to minimize operating costs henceforth maximizing the gains and offering outstanding services to the customers. Information technology has enabled the bank to move from paper work to digitized and networked business services. The internal accounting and management system of the bank has changed tremendously. The process of interaction with customers has also changed since one controls his/her account by just pressing buttons of a mobile phone. Withdrawals and deposits can be done at any time of the day. The automated teller machines (ATM) has also facilitated easy and cheap withdrawals (Banker Kauffman, 1998). The bank will be in a position to compete successfully with the other banks. The increased profit margins associated with IT incorporation in the bank will ensure the banks survives in future and the goals will be met respectively. The first step of application of information technology in the Diamond trust bank will majorly involve the IT experts. The IT experts are individuals who are skilled in the field of computer, and they are reliable in providing information on the steps which should be taken to adopt information technology (Prasad Harker, 1997). The IT experts are expected to give the estimated budget required for the adoption of informatics in the bank and the departments which should be given the priority. The procedure should involve detailed information on the equipment to be purchased, installation and training. The computers will be purchased as well as the automated teller machines (ATM) and the software's which are applied globally in transferring of currency. The departments will be equipped with computers to ease their tasks and reduce paperwork. The machines will be used for communication purposes and keeping records. The computers are also capital intensive since the workforce initially used will be reduced (Prasad Harker, 1997). The performance of tasks will be achieved at fast rates with very minimal errors. The involvement of employees at their respective offices will also be made with fewer movements. The IT experts will be responsible for the installation of automated teller machines and maintenance as well as training the users. The automatic teller machines will end up reducing queues in the banks since withdrawals will be made fast and cheap. The IT experts will also install the software used to transfer and change currency and monitor the progress. Customers will, therefore, be in a position to send money to every part of the country by use of services like pay pal or western union. Transfer of currency like US dollars to pounds will also be facilitated. The IT experts will also avail internet banking to the customers henceforth reducing paperwork and making transactions easy, cheap and fast (Laudon P Laudon J, 2004). The bankers will, therefore, be connected to the other banks internationally. Although there is a lot of costs which will be incurred by the bank to adopt information technology, it is likely that the bank will make profits immediately after the computer processes run successfully, therefore, covering the losses. How Diamond trust bank uses IT. The adoption of informatics in Diamond trust bank will ensure that anyone who is involved in the transactions will apply it. It will run from the senior staff to the junior team not excluding the customers. All the employees of the bank will work through computers which will be used for communication purposes, keeping records of clients and the transactions involved. The managers of the teams will ensure the smooth running of the bank and ensure that each and every employee plays his or task towards fully meeting the requirements of the customers. Errors will be minimized by application of information technology in the processes (transactions) Customers (bankers) will not be left behind in the use of the information technology since almost all services will be incorporated. Withdrawals of cash will no longer be made over the counter but the use of automated teller machines (ATM). The ATMs usually provide services at any time of the day thus enabling convenience (Prasad Harker, 1997). The customer will also be expected to familiarize themselves with internet banking and electronic banking since most transactions will involve information technology (Zhu, Kraemer Dedrick, 2004). Through possessing mobile phone bankers will be able to visit their accounts make withdrawals, deposits and cash transfers at any time of the day. The processes will ensure transactions are made fast at both parties' conveniences and relatively lower operations costs. All participants in the firm will be incorporated in the use of information technology. Use of IT in banking and finance sector brings about a lot of convenience (Zhu, Kraemer Dedrick, 2004). Many transactions involving business can be done right from office or home at the click of a button without necessarily traveling. Bankers can monitor their accounts via the net a technique that can be a lot fast as well as hassle-free in comparison to going to the bank (Riggins Weber, 2016). The staff of the banks additionally delight in non-transactional facilities similar to ordering checkbooks online, updating accounts, enquiring about interest rates of numerous financial services (Cosolaro Gobbi, 2007). The processes involving banking transactions and keeping records become very convenient by application of information technology (Floyd Wooldridge, 1990). The main reason to why banks have opted to adopt information technology in their operations can be associated with significantly high gains, easy and fast operations (Laudon P Laudon J, 2004). Processes which were initially labor intensive are now capital intensive. The employees have been substantially reduced by the introduction of computers, and less physical effort is currently practiced (Bala, Bhagwatwar Ahmed, 2016). The customers also enjoy significantly lower transactional costs. The banks, thus, stand as an alternative to offering minimum or perhaps no deposit accounts for online banking and fewer penalties on early withdrawal of fixed deposits. Information technology has had beneficial effects on the banks as well as customers. Fantastic services have been availed to the customers by just logging into their bank accounts (Venkatesh, Bala Sambamorthy, 2016). The services availed include loan calculators, financial planning capabilities, functional budgeting and forecasting tools, equity trading platform and investment analysis tool (Pikkarainen, Karjaluoto pahnila, 2004). All these services are available on the bank's websites. Internet banking will avail banking services at user's convenience where one can make transactions while on the move. The application of information technology in Diamond trust bank will have other advantages involving reducing paperwork, saving time and improved security of funds (Lin, 2007). Risks of IT use Diamond trust bank. In the past transactions were done while both involved parties were both physically present (Laudon P Laudon J, 2004). Personal relationships were developed between the staff and customers as opposed once IT is applied. This means that the clients with special needs like financial advice find it difficult to be attended. Some essential financial information to customers is no longer available. Internet banking provides some complex operations to some customers. Such services need face to face discussions so that they can be solved efficiently. Customers may be stranded upon coming across to such transactions since they lack the qualified personnel to guide them (Lin, 2007). The internet banking needs to be guarded against by the IT experts. Although there exist sophisticated encryption software designed to protect customers' accounts, there is always the possibility of being hacked by smart elements in the cyber world (Pikkarainen, Karjaluoto pahnila, 2004). Monitoring IT in Diamond trust bank. The banking sector should fully adopt an IT expert, once they opt to incorporate the information technology in their operations (Pikkarainen, Karjaluoto pahnila, 2004). The IT specialist ensures that the facilities are in an orderly manner and kept updated. The IT experts also ensure that the machines and facilities are well maintained. The bank should lay down mechanisms and conditions to ensure that their systems cannot be hacked easily and insisting that clients give accurate information (Prasad Harker, 1997). All stakeholders of the banking institution should corporate to make sure that the system works efficiently as expected. Due to continuous developments in technology and willingness of the world to exist as a village, it is mandatory that every organization adopts information technology in its operations. The banking sector is not exceptional since IT has widened use in the operations. The advantages of information technology are diverse once it is applied effectively. However, there are some shortcomings which are associated with IT incorporation. Firms should ensure that an IT expert is employed to ensure all issues pertaining information technology flow smoothly. 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