IT job for Financial and Fund

 Essay about IT project for Banking and Finance

-prin

University or college of the West Indies

Cave Hill Barbados

Information Technology to get Banking and Finance

FINA (2003)

Name Identification Number

Kedar Gittens

Andre Headley

Nakita Hunte

The effect of Information Technology

On The Finical Services Market

Table of Contents

Introduction ……………………………………………………………………1

The early history of Information technology globally……………….. 2-6

The Barbados Experience…………………………………………….. …7-9

Future expectations……………………………………………. ……….... 15

References……………………………………………………………. ……. 11

Advantages

The effect details technology around the financial services sector has been a lot more than significant and a few may even claim it has been accountable for the financial records sectors coming of age. This kind of paper tries to chronicle the history of information technology in finance from the infancy for the modern time with special attention place on the Caribbean encounter. The daily news therefore reveals a summary of main (IT-based) improvements and a great analytical construction with which to structure an historical overview of how I . t innovations had been adopted inside the financial services sector and their effects.

Early history of Information technology globally

First say

By as early as 1846 the financial sector have been using I . t (IT), a brief history traces back to financial marketplaces when the telegraph was used to reduced inventory price differentials between Nyc and regional stock marketplaces. Information technology was later used in 1866 with all the transatlantic cable connection equally enabled greater incorporation of securities trading in New York and London (Bátiz-Lazo, Wood 2002). Further the use took place while the completing the across the atlantic cable reduced the time wait to perform trade in New York, which will had been started in London via six weeks to only one day.

These early innovations had been accompanied by statistically significant proof that the launch of ancient forms of telecommunication substantially reducing or even taken away foreign exchange and security selling price differentials between geographically distinctive markets, (Bátiz-Lazo, Wood 2002). Hence at that time information technology decreased interest rate risk and functional risk for the institutions. In addition greater use of telegraph or perhaps telephone facilities also led to price related information turning out to be homogeneous simply by linking your head office with branches in different domestic and international locations or by providing retailers and banks with the same price data in a timely manner. Second wave

An additional wave of Information Technology innovation in retail finance started out in the late 1954s with the intro of computers. This advantages allowed organizations to keep up with expansion in business volume level while, at the same time, solve extremely specific challenges and handle existing techniques of specific departments. This kind of resulted in the branch network quickly changing into the main point of contact with price tag customers. A process-directed automation thrust focused the specific app period and aimed at undermining the cost of management tasks such as the labour-intensive cheque clearing devices. Computer applications were consequently concentrated in back-office businesses (Morris, 1986), this was because it was sensed that controlling a growing pile of paperwork provided the opportunity of economies of scale during that time.

As the benefits recently mention started to be apparent the motivation to systemize at the individual branch traditional bank level and to improve market-wide processes started to be greater. Technology further helped developed banking companies and got on the obstacle of minimizing cost and expanding their very own level of customer service and performance. In 1967 Barclays Traditional bank (UK) released the initially Automated Teller Machine (ATM) in the world (Barclays, 1982) although IBM launched...

References: 1 Bátiz-Lazo, Wood, (2001) Information technology innovations and commercial financial: a review and appraisal coming from an traditional perspective.

a couple of Barclays (1982) Barclays: A Story of Money and Banking, London, uk: Barclays Bank

3 Clarke, Danns T( 1970-1976) The evolution from the financial services inside the Caribbean community

4 Clarke, Danns (1970-1996) The Financial Evolution Of The Carribbean Community

5 Morris, Timothy (1986) Innovative developments in Banking, London: Croom Helm.

6 Nathan, M. (1999). Www. your-community-bank. com: community banks are going on the web, Community and Banking, Federal Reserve Financial institution of Boston.

six (Richard, Hussam and Fleming ) September 8th 2003 http://www.bankersonline.com/

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