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their risk appetite and financial goals. This helps to build customer loyalty and
enhances the overall customer experience.
IT programs also enable banks to offer real-time services to customers. With
the help of mobile banking apps and online portals, customers can access their
accounts, make transactions, and perform other banking tasks from anywhere and at
any time. This is particularly beneficial for customers who lead busy lives and cannot
visit a physical branch during regular business hours.
Moreover, using IT programs in the banking system has led to the development
of new products and services. For example, digital wallets, contactless payments, and
blockchain-based solutions are some of the innovative offerings banks now provide
to customers. These services not only cater to changing customer needs but also
provide a competitive advantage to banks in the market.
However, there are also some challenges associated with the use of IT
programs in the modern banking system. One of the primary concerns is the risk of
cyber threats and data breaches. Banks need to invest in robust cybersecurity
measures to protect their systems and customer data from unauthorized access and
cyber-attacks. Additionally, there is a need for continuous monitoring and updating of
IT systems to ensure that they remain secure and up-to-date.
