SYNERGY OF INFORMATION COMMUNICATION TECHNOLOGIES AND THE BANKING SYSTEM IN THE FUNCTIONING OF SUCCESSFUL BANKING OPERATIONS

Nowadays, modern banking cannot function without information and communications technology; hence banks heavily invest in the implementation of technology currently present on the market. Every aspect of the banking business includes information and communications technology, which points to the necessity of building an infrastructure for modern banking. Investing in development and implementation of new technologies simplifies everyday business activities and security, in addition to creating a competitive edge over rival businesses. It ensures fast and efficient customer service delivery by providing support to the distribution channels, as well as supporting bankers with making crucial decisions. The aim of this paper is to analyse trends in the use of information and communications technologies in the banking system, using publicly available business data, documentation and online bank information, as well as previously published findings of other researchers. Using the example of one of the largest banks in the Republic of Croatia, the possibilities provided by information and communications technology in the banking business sector are illustrated. Additionally, better economic efficiency and effectiveness, as well as the means of contemporary bank functioning are presented. Special attention is devoted to the security of ICT systems used in Internet Banking and the protection of banking service users’ data.