Emphasis will be placed on assessing the feedback mechanism for the constant and ongoing process of tailoring management information systems to the needs of banks in SA, to better serve the local clientele (O’Brien, 1993). This mechanism is integral for promoting the business development of individual banks and in offering the customers of these banks the level of services matching those offered in banks throughout the world. An effective information management strategy has a marked effect on improving customer satisfaction, leading to a growth in repeat business, referrals and increased market capitalization (Arnold, 2011).
Firms investing in procuring expensive information management systems must take into account the integrative nature of the data storage capabilities the firm acquires. This allows for various operational applications, especially in the banking sector. Risk is minimized and compliance regulations are abided by at the source of the stored data. User accessibility and authorizations are enabled to maintain data security, while also abiding by privacy laws governing the customer’s personal information.
The importance of assessing feedback, and implementing the appropriate changes in a management information system should not be undermined. Establishing such a system of feedback would be an important tool in implementing a proactive approach to data management, vital for successful implementation and application of such technology.