Office Automation Paper.
In today's Network Economy, Information Technology plays an unprecedented role in the development and growth of the banking industry. Competition in the banking industry is not based anymore on pricing, it is based on innovative products, quality of service and personalization, in turn, all of these differentiating factors are primarily based on human resources and technology.
Banks are expected to change and develop according to the changes that take place in the commercial, industrial, investment and economical fields as banks are the primary source of financial supply to these industries. Banks have to fulfill their clients' needs--both retail and corporate. As customers increasingly use technology and discover its benefits, they require, and indeed expect, more from it. Consequently, as their business changes and they have more complex banking requirements, they expect their banking responses to change to meet those needs (Lewis, 2003). Therefore, banks have to continuously improve and develop its IT status due to the following reasons:
1. The banking industry is the heart of our economy. The development of the banking industry will definitely lead to the development of the economy and the society as a whole.
2. With the advent of the globalization, banks will not be able to compete having the status quo. Competing banks are using the latest and the most updated technology to attract its clients.
3. Companies are not locally driven. The use of the Internet for instance has smoothened international deals among different financial institutions. Thus, banks have to keep pace with the latest technology to attract clients not only from the local market but also from an international standpoint.
We prepare tax returns for our trust and estate clients and provide basic account information. The type of software that we use in the organization varies. We just...