The Impact of Information Communication Technologies in the Strategic Management of Financial Institutions
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ICTs have contributed a lot in the strategic and operations management of financial institutions all over
the world. Today, ICT is employed in all the departments of most financial institutions such as operations,
customer services, marketing, administration, human resource, procurement, accounting, financial
management, etc. The general consensus among various academicians is that ICTs have improved the
processes of operations and management. It has also played significant roles in strategic and operational
management and also determined the marketing mix, strategic decisions, ownerships, management and
partnerships such as alliances and mergers. This study investigated the role of ICTs in the strategic and
operational management of financial institutions using a qualitative research method involving the
interview of top managements and operational staffs of four selected banks in the United Kingdom and
Nigeria. Findings revealed that ICTs have indeed contributed a lot in improving the functioning of all
departments of the selected banks such as marketing, operations, HR, finance, call centers, customer
services, etc. The benefits gained by the various banks after the implementation of ICTs include better
online and offline support for their customers, ROI justification, profitable sales volume, reduction of
queues in the banking halls, and very interactive websites. There are however, many departments and other
functional areas where ICTs have not been fully utilized. Moreover, many financial institutions have not
fully adopted and applied ICT to all functional areas. The study recommends that these can be resolved
through proper training, i.e. the provision of ICT related training to employees with respect to the strategic
and operational management of the banks as well as exploration of the importance of the recruitment of
external consultants who are specialized in their respective fields to render solid supports
Keywords
H Social Sciences (General), HG Finance