Network management is a vital component in the banking industry. This refers to the interconnection of various network operations involved in the management of the pertinent information within the organization. This involves the use of various computing devices purposely for communication purposes besides sharing resources within various departments in the organization. (Nadeau, 2003, p. 89). Owing to the increasing globalization and high competition in the industry, there is a need to develop effective computer networks that will ensure favorable competition in the market. Information technology is increasingly being recognized as imperative if the banking industry is to remain competitive and offer a wide range of financial products and timely services. Leading financial institutions have opened branch offices, or collaborated in joint ventures to establish correspondent networks in developing countries. Parent banks usually institute the head office information and procedural systems in subsidiaries’ operations. (Zeltserman & Puoplo, 1998, p. 65)
In the banking sector, there is a need to access domestic and foreign capital and money market. This, therefore, demands an effective network system that can efficiently allow for the transfer of funds and access to this vital information. (Gosselin, 2010, p. 300). Continued manual operations in the highly automated banking industry could prove costly in terms of increased ‘float’, losses due to foreign exchange fluctuations. These network systems can be tailed to ensure effective communication between the potential users a dearth of trained personnel; especially in developing economies is often a major deterrent to efficient operations. (Zeltserman & Puoplo, 1998, p. 345). The introduction of computer-based management information systems, employing information technology greatly helps in minimizing the staff requirements. Financial analysis and statistical research including modeling of portfolios and securities, formulation of investment approaches, and market trend analysis can be effectively undertaken with an efficient network management system. This will assist significantly in designing the products of the banks to meet the specific needs of the customers. This paper will basically focus on an array of components that are essential in developing an effective network management system for the banking industry. (Schildmeijer, 2011, p. 209). Among the vital factors in this interconnection is a network management station. This is a workstation where multiple network management applications are running. Medium to large network management systems is usually built on a third-party software platform. Purposely, the station helps in collecting information from the managed nodes via agents and presents it in a comfortable way to the user. An agent has the task to monitor one or various network nodes and gathering data about what they are doing and what their status is. This management information is then sent to the network management station. (Nadeau, 2003, p. 406)
There are two techniques that can be used for communication purposes in the use of the Network management station. Poling is a request-response interaction between a manager and an agent. (Berson, 1996, p. 47)The manager requests information from the agent and the agent responds to the manager with the requested information. Event reporting is an action that an agent initiates. It sends information to the manager who waits then for the incoming data. Most of the functions by the SNMP management are done by the management applications that are running on the Network management station. Since the Network, management has the resources to cope with this type of management, whereas the resources of a node are often limited in terms of CPU performance or limited memory and should be saved for their real tasks. (Robinson, 2011, p. 200)
Mcnaughton, D., & Barltrop, C. (1992). Banking institutions in developing markets. Washington, D.C., World Bank. http://books.google.com/books?id=F2ywAAAAIAAJ.
Shrivastava, M. P., Pandey, P. K., & Vidyarthi, V. P. (2007). Banking reforms and globalization. New Delhi, APH Pub. Corp.
Schildmeijer, M. (2011). Oracle WebLogic Server 11g PS2 administration essentials install, configure, deploy, and administer Java EE applications with Oracle WebLogic Server. Birmingham, UK, Packt Pub. http://site.ebrary.com/id/10504774.
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Robinson, S. (2011). IBM WebSphere Application Server 8.0 administration guide learn to administer a reliable, secure, and scalable environment for running applications with IBM WebSphere Application Server 8.0. Birmingham, Packt Pub. http://site.ebrary.com/id/10506608.
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Sturt, E. (1994). Network management: concepts and tools. London, Chapman & Hall.
Nadeau, T. D. (2003). MPLS network management MIBs, tools, and techniques. San Francisco, Calif, Morgan Kaufmann. http://www.engineeringvillage.com/controller/servlet/OpenURL?genre=book&isbn=9781558607514.
Zeltserman, D., & Puoplo, G. (1998). Building network management tools with Tcl/Tk. Upper Saddle River, NJ, Prentice Hall.
Berson, A. (1996). Client/server architecture. New York, McGraw-Hill.
Gosselin, D. (2010). ASP.NET programming with C# & SQL Server. Boston, MA, Course Technology/Cengage Learning.
Ifip/Ieee International Workshop on Distributed Systems: Operations and Management, Ambler, T., Calo, S. B., & Kar, G. (2000). Services management in intelligent networks 11th IFIP/IEEE International Workshop on Distributed Systems: Operations and Management, DSOM 2000, Austin, TX, USA, December 4-6, 2000 : proceedings. Berlin, Springer. http://rave.ohiolink.edu/ebooks/ebc/3540444602.