(Pirraglia, 2010), Today Competition is very strong in any industries. We're here to answer any questions you have about our services. The systems has also helped bank to available all the data centrally and that is why the branches doesn’t have to submit their report to central office. The implementation of MPLS architecture helped LVB to reduce network operating cost as well as to provide higher availability of network for the branches. (sarkissian, 2010). An MIS manager needs a combination of both managerial and technical skills. The quality of MIS personnel is a key factor in its effectiveness. Thus Management Information system helps management in their effective decision making process and help them to run their organization profitably. Input and Output Various physical inputs and outputs from the information system, existing in forms like printout, reports etc. store and process data to produce information that decision makers can use to make day to day decisions (cxotoday), NEFT is an efficient, secure and reliable system of funds transfer between accounts of customers of different banks. … These instructions help in using information system effectively. Once a MIS is installed it is very costly to change that MIS system. (ciol, 2010), The bank chose MIS solution offered by D2K technologies while helped bank for consolidating real and accurate information for internal and compliance related reports. The bank provides its banking services to several customers through a network of 271 branches and 168 ATMs spread over 14 states and one union territory. The IS used in a bank should be more secure. Software can be divided into two generic types: system software and applications. (sarkissian, 2010). It is a communication tool between the top management and staffs that helps organization to attain their overall goals. Looking for a flexible role? This solution has helped the bank to improve their overall efficiencies. Disclaimer: This work has been submitted by a university student. Company Registration No: 4964706. A management information system is a computerized system (Sarkissian, 2009) that is designed to provide useful information to an organization which will help them to make decision so as to attain their short term and long term goals. It also provides mutual funds products and life insurance products of Aviva Life Insurance Co. Ltd. and general insurance products of Bajaj Allianz General Insurance Co. Ltd. (lvbank, 2010), The LVB has been offering various technology products through innovative delivery channels like NEFT, RTGS, SMS Alerts, SMS Pull Services, Net Banking, ATMs Mobile Payments and E-commerce. (Pirraglia, 2010). From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. (cxotoday), LVB has acquired enterprise storage solution which is a centralized system and will help bank to consolidate all its business database into one single system to effectively manage their customers. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. (lvbank, 2010), Lakshmin Vilas bank also provides SMS banking to their customers. (lvbank, 2010). The Visa debit cared introduced by Lakshmi Vilas Bank has help the bank to provide its new as well as existing customers with the facilities to shop, pay their bills, book their movie or airline and rail tickets online. Software can be of two types’ system software and applications. The physical components of an MIS include hardware, software, database, … Database helps to reduce duplication of data as it is centrally managed data one data can be store at one place avoiding redundancy and duplication of data. Central control reduces redundancy and duplication of data. (Laudon, 2006). For users of MIS it is much more important to understand the software than the hardware. Processing converts the data to an useful and meaningful form i.e. Structure of MIS, formal, informal, public, private, multiple approach, conceptual structure, physical structure, synthesis of MIS structure, Transaction proce… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. (lvbank, 2010). (Sarkissian, 2009), There are four types of Management Information systems (Sarkissian, 2009). The three components of MIS provide a more complete and focused definition, where System suggests integration and holistic view, Information stands for processed data, and Management is the ultimate user, the decision makers. Output helps to make available the processed information to the user of information. Define the Function and characteristics of MIS? ( Sarkissian, 2010), A MIS is an organized system which consists of people, hardware, and communication networks and data sources that collects, transforms and distributes information in an organization. As stated by assistant manager of Lakshmi Vilas Bank, Compliance and reporting to the RBI and other government agencies have become fast and accurate as per compliance requirements. An MIS helps decision making by providing timely, relevant and accurate information to managers. They were introduced in the 1960 and are used widely today. With experience in business and public policy, he has covered intellectual property rights, industrial policy and technology policy for various publications. Sometimes it may happen that MIS provides inadequate data which may not prove helpful for an organization. Management information system is a computerized system of providing information to the manager so that they can take long term and short term decisions in an organization. The products of Lakshmi Vilas bank consists of business credit, home loans, rental loans, car loans, education loans, SME credit facilities, NRI Services and online banking.