ICTS, Digital Enterprise Transformation, and Banking Sector in Pakistan

ICTS, Digital Enterprise Transformation, and Banking Sector in Pakistan

Tansif Ur Rehman
DOI: 10.4018/978-1-7998-8587-0.ch005
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Countries in the developing world, as well as the developed world, are now exploring different ways of facilitating their development process through deployment and exploitation of ICTs within their economies to gain optimum output. More and more facilities are being offered by banks to facilitate their costumers with ease as well as convenience regarding e-banking. Digital enterprise transformation facilitates financial services organizations via enabling them to be more secure, compliant, as well as being digital. It modifies the experience of employees, partners, customers, and stakeholders. But, in Pakistan, this is not the case. As, people still refrain from using ICTs and e-banking in Pakistan, because of various issues. In spite of the fact that the literature encompassing remittances and criminal offenses is limited. Remittances sent by relatives from overseas are an imperative source of domestic income in the South Asian region. But unfortunately, its influence on crime has mainly been unexplored.
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Information and Communications Technology (ICT)

According to the Free On-Line Dictionary of Computing (2020), Information and Communications Technology (ICT) is the study of technology used in handling information and facilitating communication. In 1997, Dennis Stevenson coined this phrase (ICT) in the report submitted to the government of United Kingdom. It covers the aspects already included in the wide domain of Information Technology, and further encompasses areas like, various types of video as well as audio processing and transmission, broadcast media, and telephony. ICT is usually used as a synonym with information technology, but Information and Communications Technology (ICT) is more broad and encompasses additional comprehensive aspects pertinent to digital technologies as compared to information technology (Rouse, 2019).

Digital Enterprise Transformation (DET)

Digital Enterprise Transformation is the incorporation of computerized technology into the domain of business. In a general sense, changing how a firm manages as well as deliver value to its consumers. In addition, it is the effect of ongoing sociocultural changes that require firms to repetitively challenge the existing parameters, experimentation, and become more comfortable with malfunctioning and even failure (The Enterprisers Project, 2020).

Stephanie Overby (2020) stated, “Ongoing digital transformation across industries became a given in 2019. At the same time, digital transformation fatigue also became very real.” While, President of ISG (a global technology advisory as well as research organization), Steve Hall (2020) is of the view “2020 will still see the rapid scaling of digital initiatives across industries. In many areas, CIOs and organizations have prepped their organizations for change but haven’t made the full leap to transforming their culture to fully embrace the change.”

According to The Enterprisers Project (2020), there exists eight essential Digital Enterprise Transformation trends that IT as well as business leadership should be aware of:

  • 1.

    A shakeout (because of the investments in big data governance and analytic progression by competitors).

  • 2.

    Swift adoption of digital operating models, that includes integrated cross-functional units.

  • 3.

    New Digital Enterprise Transformation success metrics.

  • 4.

    Ongoing acquisitions and mergers in the information technology outsourcing sector.

  • 5.

    New digital partnerships should be formed by consultancies.

  • 6.

    Enlargement of public cloud adoption.

  • 7.

    Attention to long-term value of digital initiative.

  • 8.

    Enhance use of machine learning and artificial intelligence.

Key Terms in this Chapter

Telecommunications: It is the exchange of information over significant distances by electronic means.

Digital Enterprise Transformation: Strategies by which organizations take advantage of information technology to develop digital capabilities.

E-Banking: Online banking (i.e., via the internet).

Enterprise: A business or company.

Transformation: A marked change in form, nature, or appearance.

ICTs: Technologies that provide access to information through telecommunications.

Banking: The services offered by a bank.

Remittance: A transfer of funds by an expatriate to his country of origin.

Strategy: A plan of action designed to achieve a long-term or overall aim.

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