The twenty first century has been dubbed as the age of technology and information. It is the period within which the greatest innovation of technological advancements has been made. Nearly all organizations have embraced or are in the process of embracing tech in their day to day operations (Hayes, 2010). The major reason why these institutions are in a rush to fully go tech is because of the low cost of production that is associated with the technology and information.
The banking industry is such institution that cannot operate without IT. Expert systems in banking assist financial organizations exploit on amorphous data that is continuously proving to be a challenge in managing. Expert systems assist in the transformation of vital financial data to become more functionable, searchable and can be acted upon in a timely manner (Gallaugher, 2009).
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SaaS applications
This is an Information Technology model that in the process of delivery of software. In involves enterprise storage of software on the cloud. Storage is integrated in a central manner thus leading to a reduction in the IT budgets of both large and small organizations. Under this arrangement a SaaS vendor is contracted under a service level agreement to provide an organization with the software that operates in their own operated data centers (Ferrari, 2010). One application area where SaaS is continuously expanding is in the area of customer Relationship management.
This is highlighted by the point that, as organizations grow, they continuously need to engage with their clients. C.R.M systems are becoming more significant and this entails more and more resources to be dedicated for this purpose. SaaS can really ensure that these applications are carried out in a more scalable and cost effective manner (Hurwitz, 2011).
