Information system in banking

Information system in banking
Institution of Affiliation
Information system in banking
Information systems are regarded to be critical elements for growth and survival of
business organizations in the world today. All the sectors of any industry have been found to be
entirely dependent on such systems for the management of information and important data.
Taking our focus to the banking industry, it has been noted that small to large powerful entities
in this industry, with an example being the high street banks are taking the help of information
system in regulating their data. One of the common types of information system that is used in
banks is the decision support system.
The evolution of the decision support system can be traced back when the management
needed to make concrete decisions that are based on evidence. For managerial effectiveness,
there was need to base the decisions arrived at on facts; which were sufficiently provided by the
decision support system. Since the evolution of the decision support systems few decades ago,
the management has been able to come up with sound decisions in the course of running banks.
In addition, such systems have also supported timely decision making in the sense that the
management can come up with instant strategies on facing any challenges (Sauter, 2011).
However, the evolution of the decision support system has had a significant impact on the
banking jobs and careers. For instance, before the introduction of the decision support system,
that role that this system assumes in the present day was initially played by the consultants. In
this regard, the management in respective banks could hire someone in the name of a consultant
who could come and analyze relevant information, after which such person then comes up with
decisions. Apart from that, there has also been a change in jobs in the sense that the employees
now focus more on implementing the decisions rather than helping the management in making
the decisions as it was the case before. With the use of the decision support system, the
management is only supposed to feed data to the system and then run the system as appropriate
with the relevant decision being the outcome of the process.
However, there are various components that should be integrated for the decision support
system to work. One of the components is the database, which comprises of data from both
internal and external sources. The other component is the software system, and this comprises of
various analytical along with mathematical models that are used in the analysis of complex data.
(Metukupally, 2004)
Consequently, the decision support system at banks is associated with various benefits.
One of the benefits of such system to me as a client in the banking industry is that the system has
enabled the management to come up with decisions that are suitable for me such as the decision
on the interest rates. On the other hand, the decision support system is also of benefit to the
implementing organization in the sense that the management of such entities end up focusing
their energy on other aspects of organizational importance rather than on decision making.
Metukupally, S. R. (2004). Implementing a banking information system for small-scale banks.
Sauter, V. L. (2011). Decision Support Systems for Business Intelligence. Hoboken: Wiley.

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