IT project for Banking and Finance

This paper seeks to chronicle the history of information technology in finance from its infancy to the modern era with special attention place on the Caribbean experience. The paper therefore presents a summary of major (IT-based) innovations and an analytical framework with which to Structure an historical review Of how Information Technology innovations were adopted in the financial services sector and their impact.The early history of Information technology globally First wave From as early as 1846 the financial sector has been using Information Technology (IT), the history traces back to financial markets when the eelgrass was used to reduced stock price differentials between New York and regional stock markets. Information technology was later employed in 1866 with the transatlantic cable equally enabled greater integration of securities trading in New York and London (B;tic-Lazy, Wood 2002).Further integration took place as the completion Of the transatlantic cable reduced the time delay to execute a trade in New York, which had been initiated in London from six weeks to only one day. These early innovations were accompanied by statistically significant evidence that the introduction of primitive forms of telecommunication substantially educing or even eliminated foreign exchange and security price differentials between geographically distinct markets, (B;tic-Lazy, Wood 2002). Hence at that time information technology' reduced interest rate risk and operational risk for the institutions.In addition greater use of telegraph or telephone facilities also resulted in price related information becoming homogeneous by linking the head office with branches in different domestic and international locations or by providing dealers and banks with the same price information in a timely manner. Second wave A second wave of Information Technology innovation in retail finance began n the late asses with the introduction of computers. This introduction allowed instituti ons to keep up with growth in business volume while, at the same time, solve very specific problems and automate existing practices of specific departments.This resulted in the branch network quickly turning into the main point of contact with retail customers. A process-directed automation thrust dominated the specific application period and aimed at undercutting the cost of administrative tasks such as the labor-intensive cheese clearing systems. Computer applications were therefore concentrated n back-office operations (Morris, 1986), this was because it was felt that controlling a growing mountain of paperwork provided the potential for economies of scale at that time.As the benefits previously mention became apparent the incentive to automate at the individual branch bank level and to improve market-wide processes became greater. Technology further helped developed banks and took on the challenge of reducing cost and expanding their level of customer service and efficiency. In 1967 Barclay Bank (ELK) introduced the first Automated Teller Machine (ATM) in the world (Barclay, 1982) while IBM introduced the magnetic stripe plastic cards in 1969. These two innovations marked the birth of electronic banking.The chart of Figure IA on the following page shows this information. Use of Technology in the Organization, 1845-1995 (Figure IA) Impact on the Provision of Retail Finance Early Adoption Specific Application Emergence (1846-1945) (1945-1968) (1968-1980) Innovation in Reduction in Conversion from Growth of cross Service Offering inter-market price bank relationships. ATM introduced. Guaranty Automated bank statements. Operational border payment. Increased branch to Differentials. Cheese Automation of branch Functional cards.Reduce cost of coordination labor intensive head clearing system). Branches accounting. Innovation office and between n activities (I. E. Real time control begins. (Sources: Morris (1986) and Squint;s (1991)) In a nutshell, technological changes have spread throughout many internal aspects of the banking organization. During this period the convergence of telecommunications and computer power resulted in true Information Technology applications as the emphasis of technological innovations shifted from data processing to communications.The Evolution stage Electronic banking is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and- mortar institution. This form of banking became popular in the early ass it was facilitated by banks mailing their customers a floppy disk with software that the customer could install onto their PC and accessing their accounts from the privacy of their homes. ( Canasta Research on 07/02/2013). Initially this service was for a fee.Then in the mid ass a big leap occurred with banks setting up websites for consumers to access both product and contact information. Within a few years after internet banking functionality was launched, this made the process of doing your banking online easy and accessible to everyone. This form Of banking has emerged as an option to customers and was offered by Caribbean banks as well. The major benefit according to one survey is an estimated cost providing that the routine business of a full service branch in the USA is $1. 7 per transaction, as compared to 54 cents for telephone banking, 27 cents for ATM (Automatic Teller Machine) banking and 1. 5 cents for Internet banking (Nathan 1999; Pun et al. , 2002). However it is unclear whether cost savings ill be the primary benefit derived from the adoption of e-banking systems, as any cost reductions achieved may not be a source of sustained competitive advantage for individual commercial banks.Cost savings using e-banking techniques are generally easily replicated by competitors. Secondly, cost savings are also accompanied by reduced entry barriers or increased market transparency leading to a further intensification of competition, ( Belgrade, Paris and ward, 2005 Key technological changes in retail finance Year Name Characteristics Contribution 1979-1985 Telephone Branches retail Multi-channel distribution systemBanking UK, US intermediaries for banks base on an integrated customer account and information system ( Figure B) 1988-1996 Monde Cards (I-j) Debit card with re-writable Facilitate small value retail transactions micro chip with the potential to substitute central bank issued notes and coins 1989-1998 Digit cash (ML) Electronic only medium of Payment system and products that depend exchange and unit of account exclusively on only high-speed communication done through computers 1995-2001 Security First First intermediary working Technologies open new opportunities for Network Bank (US) through the internet. Ink growth and offer managers of banks possibilities to achieve high organizational flexibility Source (B;tic-Lazy, Wood 2002) The Barbados Experience Improvements In Barbados all ba nking institutions and major credit unions offer the most basic forms of e-banking. There is a well connected network of automatic teller machines (Atoms), telephone banking, debit cards, and electronic funds transfers (OFT). The majority of the ATM use in Barbados came about as a cost savings measure. Consequently, ATM banking has become the most popular form of electronic banking in Barbados, with even some non-bank entities costing similar services.However, the graduation to the next level of e- banking, Internet banking has been sluggish. According to ( Belgrade, Paris and Ward, 2005 ) the lack of advancement is for a number of reasons, one most obvious is a divide between customers who wish to use the technology and those who simply prefer traditional banking methods. However the increase in efficient by Automated Teller Machines can been seen in the graph below figure B Observation of Traditional and ATM banking: A Busy Day (No. F Customers per 30 Minute Intervals) Bank I 8 36 ATM I 10 90 15 Source: pa iris (2001 ) Traditional (Teller) A 5 c Within the back office operations of the institutions they have been major improvements across the banking sector, with the use (ARTS) Real Time Gross Settlement and, (ACH) Automatic Clearing House with increase capacity to process transactions. With regards to information systems Finance Core banking system is one of the information systems use as a customer management information system.The use of this system has allowed institutions to capture customer information which can then be used for the modeling of products to specific target markets base on the habits of the institutions clientele and overall profile. In accordance with the know-your- customer guild lines some Transactions Processing Systems such as Finance are even able to go a step further and record personal life events such as weddings, anniversaries and future plans of younger children and other personal information. Which all assist in the construct ion of products and services that will meet customer's needs at every stage of their life.Hence the (T AS) is used as a strategic management information system in some institutions. In addition to cost savings and increase capacity (IT) has brought about payment innovations such as Sure-pay in Barbados. Sure-pay is a payment undying service that allows customers to pay an array of their bills in one location. The company Sure-Pay began its service just offering basic utility payments, and eventually evolve into a well recognize efficient entity which at one time even offered a payment service for tickets for former airline Red Jet and has now expanded to Trinidad & Tobago.Risk The issue of capital flight and money laundering are real concerns that will surface with Internet-Banking, also the ability and cost of regulating this form of banking. This is especially so in an small open economy with a fixed exchange rate such as Barbados. For example if capital is allowed to leave at an rapid unregulated rate this could place pressure on the central bank's reserves which can have a negative effect on the exchange rate and cause the parity of the dollar to be threatened, especially in cases where settlement of the transaction will be require in foreign currency.With respect to money laundering if we look at Internet-Banking it is unique because it offers the user anonymity, rapid transactions speed and wide geographic availability. For those reasons the issue of depositing and withdrawing money in and out of the system is extremely important because t is easy for layering to occur. Encryption technology, fire walls and the use of digital signatures are extremely vital verification tools and should be standard operating procedure with this evolving technology.An added defense in breaches or affiliated criminal activities is that banks should adhere to the commonly cited know-your-customer guidelines. If properly implemented, within an effective operational and regula tory framework, such guidelines should prove pivotal in preventing these kinds of crimes. Future expectations The future of Information Technology and the financial service industry will only be limited by the imagination of those who use the technology, or the regulators who need to keep abreast of how new technologies will permit circumvention of the law.

God, money, and poverty Essay Example | Topics and Well Written Essays - 1250 words

God, money, and poverty - Essay Example Only few people are becoming wealthy and successful while logically, a large number is becoming even poorer. The irony behind this is that God has blessed humanity with abundant resources to allow every soul on the planet to access a comfortable and descent life. The role of Christians is a critical issue in this context. Though poverty is a crucial occurrence, it is a multidimensional matter, surrounding not only the material subject of human life, but also its physical, social, spiritual, and social dimension. It is therefore essential to understand the concept of wealth and poverty in both the Biblical-Christian and economic perspective. A system cannot be viewed as efficient if it only improves the lot of simply a portion of the entire society. On the other hand, market efficiency cannot be the basic concern of the Christians. Keister (26) stated that there are vices of efficiency. Murder, theft, war, and slavery can all be reasons enough to the ruthless occurrences, regardless o f the fact that there is an ethical code where such efficiency can be achieved. No matter what people tend to believe, God has a place to fit in the equation of money and poverty. God loves each one of us but most probably, he hates some of our lifestyles, especially those that lead Christians astray. The whole idea behind wisdom of money and poverty is to offer a balanced perspective of how God wants people to view and handle money in their daily living. In a Godly perspective, human beings are portrayed symbolically as creatures whose convictions and attitudes are expressed in their body language. The relationship comes in with the sense that money and poverty are often conceived as figurative extensions of the human body on earth. What people do with money and how they cope with poverty discloses and also shapes the uniqueness of their human identity. In addition to this, the passion of acquiring money or wealth is traced back to their inner desires. Gilder (38) argues that what a man desires whole heartedly and with his entire soul and might is for God himself. Christians may confess faith in God using the Church Creeds, but their personality in relation to God is revealed through what they love most as well as what they worship. Rationally, money and the value that human beings attribute to it show their passionate and ultimate attachments either to the world or to God. It can also be argued that it is through money or charities to the poor that God intervenes in a person’s life. For instance, the Book of Proverbs provides that whoever is kind to the needy lends to God, and the Lord will repay him for his actions. God gives the best to those who share their wealth to the poor and this is what gives the best security for ever, for it is an act of worship. The pastoral nature of the Christians’ faith does not allow the issue of poverty in circumstances like sickness, famine, and homelessness to be just a matter of theological speculation. Our forefathers urged the faithful to be compassionate, to use their money as a manifestation of their faith in the Lord. Secular institutions in a worldly society label religion and treat it as irrelevant or peripheral to huge areas of life. They charge that religion, in this context; Christianity and economic production are not intrinsically related. Some critics argue that â€Å"religion cannot generate Grain,† implying that stewards of Christianity should not assume issues of economic productio

Health Institution Comparison Tool Research Paper

Health Institution Comparison Tool - Research Paper Example n, this writer uses the care comparison tool as the primary indicator of service quality as a final deliverable (https://bcbsnm.sqctool.com/index.aspx).This particular comparison tool is being sponsored by Blue Cross Blue Shield of New Mexico. As for the quality indicators this writer has chosen the following broad factors. George Town University Hospital which is a teaching hospital specializes in diseases like Cardiologic disorders, Endocrinology related ailments, Geriatrics, Gynecology, Renal Diseases, Orthopedics, Otolaryngology, Pulmonology, Urology, Cancer, Gastroenterology, Neurology, Neurosurgery and Rheumatology (http://www.georgetownuniversityhospital.org). Washington Hospital Centre is a nonprofit health Institution whose profits are being used to serve the community. They are specialized in the medical services for Cancer, Cardiac diseases, diabetes, mental health, Orthopedics and clinical trial and research (http://www.medstarhealth.org). The above data for brain cancer related care comparison shows that Washington Hospital Centre has been faring well in qualitative and quantitative criteria. For instance Anderson refers to care related factors of quality and quantity as the raison d’Ã ªtre behind the comparative success of any health care institution. Washington hospital centre has had 30 patients affected by brain cancer while GTUH had only 22 patients. According to Anderson disparities between number of patients admitted per disease cold show that higher numbers serve as positive indicators of measurable service quality (Andersen, R. M., Rice, T.H. & Kominiski, G. F., (2007). In other words Anderson particularly identifies care related criteria of admission rates based on associated treatment specialization and availability of facilities. Further, qualitative data provided by the WHC serves as an indicator of success based on its non profit care provision. On the other hand GTUH is a for profit organizatio n that provides qualitative care under

Jew, Christian, Muslim Essay Example | Topics and Well Written Essays - 500 words

Jew, Christian, Muslim - Essay Example The scriptures believed to be sacred have people in them whom adherents of these religions can relate to. In fact, the three can also be called Abrahamic religions because they center the origin of their faith in Abraham, a man believed to be holy and who made a covenant with God to follow Him. The story of Abraham is common among the three religions. Christianity somewhat evolved from Judaism, with Jesus being seen as the Son of God, and not coming with a new scripture but with deeds to be emulated. Works of early Christians are recorded in Acts of Apostles, a book found in the New Testament of the Christian scriptures, even though Christianity is highly based on deeds rather than words. In terms of traditions, Christian traditions can be traced to Judaism. The only difference comes in with and after the life of Jesus. Jews and Islam mostly have law codes that are strictly followed. They both have dietary restrictions, especially when eating meat. Some animals are considered unholy to consume. They also believe in living in bands or communities. Muslims invoke their God almost every time while Jews never mention His name. Education among the Muslims is mainly considered a thing for the males. The girls hardly go beyond primary school. Boys, on the other hand, go to Madras classes to improve their understanding of the scripture they memorized in primary school. All religions believe in charity for individual spiritual growth and benefit and also in purity before prayer. Jews wash their hands while Muslims smear water over parts of their bodies before engaging in prayer. In Islam, the mingling of the sexes is considered as something that threatens the social order and is extremely restricted, with strict regulations whenever it occurs. Some of these regulations include dressing, especially for the women. They must not show their faces,

Narratives of Difference and Belonging Assignment

Narratives of Difference and Belonging - Assignment Example Interesting fact, illuminating statement, personal connection: An interesting fact mentioned in the article is that of the presence of the same set of things, starting from consumer products, to eateries, groceries, and shopping malls, which are seen everywhere in today’s globalized world. So there is a definite loss of individualism or uniqueness of a certain place, and one always ends up getting the same thing anywhere they go. This is something we are evidencing today in all parts of the world. There is always a McDonalds, a Cafà © Coffee Day or a Barista, and somehow the local flavor is slowly disappearing under the burgeoning pressure from these huge multinationals. I can personally connect to this observation, as wherever I have traveled looking for new things, I have always met these giants standing tall, dishing out the same set of standardized products. Author’s perspective/value position: The author feels that in this changed scenario of globalization and high-tech communication era, the youth needs to be first acknowledged as a source of power. Accordingly, their education should be offered in a different manner, inculcated with new values that would be more fitting in this hybridized world. To make this effective, the educators have to change their mindset or else as the author comments â€Å"We need new ways of thinking of and working with kids, otherwise we will become irrelevant as we produce education for categories of kids that no longer exist in the postmodern world† (Besley, 74). Validity/usefulness of the article for thinking about issues of cultural diversity: This article is very important in today’s context, as it speaks of the new age culture that we can see all around us.

Elaborate sustainable solutions on how to reduce construction waste Essay

Elaborate sustainable solutions on how to reduce construction waste during construction sites in United Arab Emirates - Essay Example and materials which are stored at the construction site are not always stored in the proper manner and as such, cause problems with regards to the performance of the workers and the use of the surrounding amenities. Most of the construction area pollution is being caused by activities such as drilling, piling, cement mixing, etc. which generate immeasurable dust stemming from the construction activities at various locations which utilize machinery in the mixing and exhausting of materials. With dust being pointed to as the major cause of air pollution, it has become quite evident that the chemicals and fuels necessary to proceed with the project need to be considered in terms of storage and use in order to lessen its harmful effects, discomfort, and air pollution at the site . Co2 emissions are normally traced back to the maachinery and stored materials. Over time these emissions affect not only the environment, but the moral of the workers whose productivity is directly tied in with their sick days. More sick days on their part often results on delayed project completion. Due to these aforementioned reasons, it is quite obvious that proper storage, organization, and regulations must be implemented at the construction sites fortheir materials, components, and machinery which can help to lower the pollution generated during the construction period. The sound pollution created by the vibration of the machinery and vehicles at the construction site due to the haphazard use of the equipment or low quality of construction materials used. The soil and heavy materials that move around at the site cause a vibration which create noise that can adversely affect the health and hearing of the workers. As such, a variety of building related illnesses can be noted during this span of time among the workers. Unfortunately, the noise cannot be avoided because of the size of the machinery used and large scale vibration that it creates. However, the noise pollution can be managed

Graduate Employability Essay Example | Topics and Well Written Essays - 2000 words

Graduate Employability - Essay Example The Department of Trade also ranked Systems Software among the thirty fastest growing professions; Systems Software will grow by 30.4 percent by the year 2018 (Scott, 2012). Trading activities are going international with the increased rate of globalization. Nowadays, a trader does not have to travel to a foreign country in order to purchase merchandise or personal goods. Online orders and payments are sufficient to do financial transactions and transport goods to the buyer. Cross-border traders, therefore, require system developers and administrators to ensure that the transaction systems are updated. The next decade will be characterised three out of four new science and engineering jobs being in computing. For example, two hundred and ninety-five thousand and two hundred jobs (representing 27 percent of the new STEM jobs) will be in software engineering (Scott, 2012). STEM further projects that the number of jobs in Network Analysis and Administration will exceed the number of vac ancies in traditional engineering by two hundred and thirty-five thousand, and seven hundred (Smeding, 2012). Basic computer literacy such as Microsoft Word, PowerPoint, Access and Excel will not enable a prospective employee to secure these jobs. This is because these professional occupations further knowledge and skills gained through the study of Computer Science, Software Engineering and Information Systems. 1.1.1 Computer Science Computer Science will expose the students and job seekers to practical approaches of computation and its applications. Computer Science enables learners of IT/Computing to study the feasibility, mechanization, expression and structure of computer algorithms. The computer algorithms underlie storage, communication, acquisition, representing, and accessing... The primary focus of this essay is to provide insights into the needs and perceptions of graduate employers in the Information Technology/Computing sector. This will be achieved by a close study of the jobs available, the requirements for employment, responsibilities of the employees and their remunerations. The report also covers the necessity of various skills and abilities required by employers, the level of graduate education required to fill the vacant positions, the challenges that companies face in recruiting graduates and views on how graduates can enhance their employability skills. The researcher mentions that the reader of the report will be able to identify the areas that are buoyant or depressed in IT and Computing; the information will be crucial to prospective employees and current students of Information Technology/Computing once they begin searching for jobs. The researcher of this report also focused on the employability skills of people aspiring to pursue courses i n Information Technology/Computing. The esssay considered the general course of computer engineering, and the skills that employers require to hire candidates for computing-related jobs. Information Technology is a broad field of study that encompasses Computer Science, Software Engineering and Information Systems. In conclusion, the researcher also included in this report the descriptions of the occupations, that fall under Computer Science and the salaries that professionals in IT/Computing sector earn.