How Your Company's Technology Resources Is Managed

Kenrick See

Topic: How your company's technology resources is managed.

Citibank is one of the biggest foreign banks here in our country today. Citibank relies heavily on its technology resources as different services have been reliant on technology. As we can see today, technology has really revolutionized the way banking has been done. Gone were the days when everyone will have to do manual payments by cash, or having to withdraw their cash manually from tellers.

Nowadays, we can see how technology has been used by banks to give customers a more convenient way of doing their day to day banking activities. As we can see now, ATMs have been developed where customers can deposit and withdraw cash, not having to wait in line at the teller's booth. Today, payments are being made electronically through the use of internet banking. Through internet banking, customers are also able to monitor their bank accounts through the internet.

As we can see how easy it is for the customers to do banking nowadays, we can also see how companies are leveraging on their technology investments when it comes to the operations that they have on the bankside. In the accounts payables department of Citigroup, technology is really relied on heavily for payments. As payment requests from different vendors from different countries are being processed by the team here in the Philippines, we can see how technology is being used.

In the Accounts Payables department, Microsoft office is being used a lot when it comes to documentation, doing calculations, and recordings of all the different transactions being done on a day to day basis. Also, as Citigroup has invested in P2P, a software by oracle, payments processing are being done through this tool. As the Accounts payables department handles different countries, communication is something also made easier by technology. Through the use of Livemeeting, it becomes easier for us to communicate with our clients abroad.

As Citigroup relies very much on technology, one must note that managing it is something that is not really easy to do. First of all, one must always take note of the costs of the investment. Transitioning from manual processes to something more reliant on technology may sometimes be challenging. Citigroup has different reengineering teams to make this easier for operations staff to transition to newer technology. It is also important to note that maintenance is something that is being done in a regular basis.

As security is also being something questioned when it comes to using new technology for people's banking needs, Citigroup has been investing its time and money for security of its technology. Citigroup has different compliance teams, and has invested in different anti-theft security means to make sure that its operations does not become compromised. Afterall, it is very important