Question

List the various uses of IT in a banking system.​

Answer 1

Answer:

IT is used in Banking for different purposes. The customer’s data and

transactions are recorded by computers. Recurring deposits (e-RD), Fixed

deposits (e-FD), money transfer from one account to another (NEFT, RTGS),

online transactions are done using Internet.

please mark as brainliest

Answer 2

List the various uses of IT in a banking system.​

• Information technology makes it possible to design complex products, improve market infrastructure, apply effective risk management strategies, and aid financial intermediaries in reaching geographically remote and diverse markets.
• The delivery methods used by banks have been considerably impacted by the internet.
• Banks employ mainframe computers to store information on customer records, domestic operations, and other crucial processing data. A big bank with lots of locations might have a mainframe computer in its central office and connected terminals scattered across each of its locations.
• The banking process has gotten quicker and more dependable. Even document retrieval and maintenance are now lot more convenient and rapid thanks to information technology.
• Banks may employ artificial intelligence to make far better judgments across a variety of tasks, including back-office operations, customer experience, marketing, product delivery, risk management, and compliance, by utilising the extensive archives of data they collect.

#SPJ3