It may not be possible to store and retrieve huge amounts of customer data, transaction data and business information, but for the power of technology based systems. More so, the globalization, competition and compliance requirements make it imperative for banks to increasingly use IT based platforms and applications for most of their activities.
It has become necessary for banks to use modern marketing as well as customer service tools to survive in a competitive environment; which involve large scale data collection, analysis and efficient communication which are not possible without the help of IT.