impact of technology on the service sector

Impact Of Technology In Service Sector

By:

Rahul Bakshi

Barkha Sakhrani

Vinaya

Sulekha Shetty

Anil Babu

Krishna

Sectors Of Services

News media Consulting Information Technology (IT) Health care like hospitals Banking Services Retail Banking Legal practice like lawyers Disposal of waste

Topics To Discuss

Communications And ConectivityCost ReductionRisk ManagementSecurityImpact Of Technology In Retail Banking

Communications And Connectivity

Various sectors of communications and connectivity

AerospaceTravelRailwaysWaterwaysInternetNews MediaTelephonesMobilesCore BankingInternet Banking Etc,

Advantages of communications and connectivity(1)

Goods and people are transported with more easiness and speed

free trade between countries increasesglobal mass media connects all the

people in the worldas the cultural barriers reduce, the

global village dream becomes more realistic

Advantages of communications and connectivity(2)

As the liquidity of capital increases, developed countries can invest in developing ones

the communication between the individuals and corporations in the world increases

Cost Reduction

Reasons for cost reduction

To create additional cash reservesTo reduce price of product or serviceTo bring expenses in line with revenuesTo eliminate unnecessary expenses or

wasteful spendingTo increase company valueTo increase competitive advantageTo move costs between departments

Purposes of expense reductionCreate cash for reinvest in research and

developmentReduce manufacturing costs to stay competitiveReduce costs as a nonprofit so able to serve

more peopleLower costs of service in order to provide

additional servicesTo become more efficientTo prevent employee lay-offsTo prevent reduction in employee benefits

Ways of reducing expenses

Across the board reductionsPrioritized reductionsDepartmental reductionsReductions based on professional

assessmentBudget reductions

Risk Management

Four stages of risk management

Risk IdentificationRisks QuantificationRisk ResponseRisk Monitoring and Control

Risk Identification

identify and name the risksThe best approach is a workshop with

business and IT people to carry out the identification

Use a combination of brainstorming and reviewing of standard risk lists.

Risks QuantificationRisk need to be quantified in two

dimensions.The probability of the risk occurring needs

to be assessedif probability is high, and impact is low, it

is a Medium risk. On the other hand if impact is high, and probability low, it is High priority

Risk Response

There are four things you can do about a risk. The strategies are:

(i) Avoid the risk. Do something to remove it(ii) Transfer the risk. Make someone else

responsible(iii) Mitigate the risk. Take actions to lessen

the impact or chance of the risk occurring(iv) Accept the risk. The risk might be so small

the effort to do anything is not worth while

Risk Control

The final step is to continually monitor risks to identify any change in the status, or if they turn into an issue.

It is best to hold regular risk reviews to identify actions outstanding, risk probability and impact, remove risks that have passed, and identify new risks.

Security

Security Arenas

Access Control SystemsTelecommunications & NetworksSecurity ManagementApplication & System DevelopmentArchitecture & ModelsOperations SecurityLaw, Investigation, & EthicsBusiness Continuity & Disaster RecoveryPhysical Security

Arsenal of Tools

Tools that assist in providing security: Firewalls AntiVirus Network Topology

Impact Of Technology On The Retail Banking

Evolution in Retail banking(1)

As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives.

"Institutional development" was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on "improvements in the productivity" of the banking sector.

Evolution in Retail banking(2)

Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition.

Impact Of Technology(1)

PLASTIC MONEY Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash

CREDIT CARD Credit card is a financial instrument,

which can be used more than once to borrow money or buy products and services on credit.

Impact Of Technology(2)MOBILE BANKING 

Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking.

RURAL BANKING One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs.

Impact Of Technology(3)NRI SERVICES 

With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers.

Thanks!