Reflective One Minute Paper: My Views on the Future of Information Systems in the Banking Industry
I’ve learned much about information systems in the banking industry through the creation of this portfolio and the study of this course. The effects of information technology on
Whether or not this will ultimately be a good thing depends entirely on how the current situation is approached, and how further adoption of predictive analytics and Big Data and more information system approaches is handled. Without a clear and concise plan in moving forward, many institutions may see themselves crumble beneath the inexperience of the new system they are implementing or integrating—much of the field that we are venturing into now
There will be two major changes that banks may find some difficulty getting used to as we move forward into an age where information system rules over human interaction. The first change will be the shift of power from the location of the bank to the location of the customer. Convenience is the number one result of the adoption of
The other major change is the shift in the way money is treated. With cryptocurrencies and universal basic income on the horizon, banks must prepare themselves for a shift in thinking, where they are not the de facto source of finances and savings anymore, but rather an option. They must innovate and evolve, just as culture is evolving around
The banking industry is in for some rough and hard times over the next few decades, and only through embracing the information system available to them now can they find themselves still alive over the next
Santiago, G. (2016). Cybercrime and Fraud Scale Revealed in Annual Figures. BBC.
Flinders, K. (2015). Big Banks’ Legacy IT Systems Could Kill
Brown, H. (2017). How To Fund a Universal Basic Income Without Increasing Taxes or Inflation. Truth Out.
INFORMATION SYSTEM- Digital portfolio blog post RKC
Information Systems in the Banking Industry:
How It Helps and How It Can Continue to Improve
Shafi A. Yusuf firstname.lastname@example.org