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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!