University of Memphis Advancement of Technology in Banking Sector Project Project Instruction file contains all the instructions related to the project and

University of Memphis Advancement of Technology in Banking Sector Project Project Instruction file contains all the instructions related to the project and the other file is the project outline and we have to develop that beacuse that was the file we have submitted so when you are giving that to a particular person make sure you give him both the files and have to develop the project outline accordingly Running Head: ADVANCEMENT OF TECHNOLOGY IN THE BANKING SECTOR
Title: Advancement of Technology in the Banking Sector
Terms: Screening, Accessing, and Sharing
Industry: Banking
Sumalatha Tanniru
University of Memphis
1
ADVANCEMENT OF TECHNOLOGY IN THE BANKING SECTOR
2
Introduction
The banking sector has had some major milestones in its development over time. From
the time when valued products where being stored in banks before the introduction of various
currencies, to the physical banking of money in the banks. Banks have existed for centuries and
most of the time the documentation has been done through filling systems where the banking
information was stored as hard copies in files. Information systems have helped in the efficiency
and effectiveness of banking as it is today.
There are several ways that the advancement of technology has changed how banking
systems work. These changes have ensured effectiveness, efficiency, as well as improve the
operations of the banking industry as indicated by Kelly, (2016). Some of the terms or factors
that are mentioned by the writer in his book are discussed below and how they affect the banking
industry;
1. Screening
According to the writer, in the past, documentation was done in hard copies and filling
systems were commonly manual. Such systems faced threats that included loss of the files due to
theft, destruction, and loss of quality over time as the physical documents got ruined due to
decay. The banking sector faced major challenges such as locating specific files and difficulty in
accessing information filled within the filling systems. In the current development of technology,
digitization of the material has been achieved and banks used a computer to create, collect, store
and retrieved the information. Such information is deployed on screens where it is easily
accessed and it is safer. The system that Kelly (2016) calls screening, meaning how operations
are carried out on the screen due to the application of the information systems in the banking
industry.
2. Accessing
This was a major problem in the past; it was extremely difficult to access store materials
on physical files. With the advancement in technology where documents are stored in computers
through the use of information systems, one can access data or information fast. Thus accessing
stored information is no longer limited to the physical location since the information systems are
now virtually accessible from any location within the banking industry.
3. Sharing
In the past before the integration of computerized systems within the banking industry, it
was not possible to share files or documents online. Sharing was done manually and one had to
be physically present to obtain particular information. Due to the integration of sophisticated
information systems, file sharing through the internet has helped improve the bank operation and
ADVANCEMENT OF TECHNOLOGY IN THE BANKING SECTOR
reduction of costs involved in duplication of material or the logistical challenges that manual
sharing faced in the past.
Conclusion
As stated by Kelly, (2016), there has been a major improvement in the operation in the
banking industry as well as effectiveness and efficiency. Technology has helped in bridging the
cost challenges and security issues that involved endangering the banking sector information
before the digitization of operations and processes. Currently, with the advancement in
technology, information systems have seen the migration of hard copy filing systems of the
banks to the digitization of the documentation as well as most of the currencies or money.
3
ADVANCEMENT OF TECHNOLOGY IN THE BANKING SECTOR
Reference
Kelly, K. (2016). The inevitable: understanding the 12 technological forces that will shape our
future. Penguin.
4
This project is based on the required book, The Inevitable, by Kevin Kelly.
Consider the following list of terms, which define individual chapters, in Kelly’s book:
(Notice that these represent most, but not all, of the chapters.)
Cognifying
Flowing
Screening
Accessing
Sharing
Filtering
Remixing
Interacting
Tracking
Also, consider the following industries:
Banking
Automobile Manufacturing (or the manufacturing of any other specified product)
Retail Chain Stores
Package Shipping
Healthcare
You are to choose any THREE terms from the above list of Kelly’s terms/chapters
and any ONE industry from the above industry list. (If you have a particular interest in
an industry not on the list, talk to me about it.)
The project is to develop a plan for how the use of information systems, focusing on
the three Kelly terms (as he defines them) you have chosen, may change and improve
the operations, efficiency, and ultimately the profitability, of the one industry you have
chosen. Showing how the three terms can work together will be a plus. Begin your
report with an introduction, briefly explaining the meanings (as Kelly defines them) of
the three Kelly terms you have chosen.
This is an individual project. Projects that look very similar to other submissions will not
be accepted.
On the cover page, state the title of your project, the three Kelly terms and the one
industry that you have chosen.
Your report will be 10-15 pages long, double spaced, 12-point type, one inch margins.
That means 10-15 pages of text, not including any figures. Be sure to write paragraphs,
not lists.

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