Promoting the knowledge economy The objective in relation to the knowledge economy is to adopt policies that promote research and development and the application of information technology and innovation generally with a view to improving productivity and growth.
The benefits brought about by IT in handling large processing volumes, in providing for quick, safe transaction processing, economies of scale and in expanding the reach and coverage of banking services, and above all product innovation have all been enormous. Today’s banking business has become most challenging with customer expectations rising as each day passes by.