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Impact of Information Technology on Financial Performance of Banking Sector

1.0 Introduction As an emerged business trend, the vast applications of information technology (IT) on economic organizations are immense and immeasurable. Organizational systems and functions are now considered effortless and unproblematic because of IT. IT also expanded the opportunities concerning product development processes or innovations that provide organizations with cost and competitive advantages. In a much broader sense, information technology strengthens the business value of every organization. The parameters of using IT for internal affairs have profound impact specifically for core management responsibilities (Gunasekaran, et al , 2002). According to Land (2004), Information Systems "are systems whose ultimate purpose is to store and manage information". In other definitions, they are basic infrastructures of the modern business organization; they coordinate the resources and activities of the input, process and output sub-systems of the organization, thus mo...