List the various uses of IT in a banking system.
Answers
Answer:
Customers benefits from ATM cards, cash deposit machines, online banking, mobile banking etc. With the help of technology, banks are able to reach out to more customers and provide better services to them. It helps banks function in an organized way, that means it is used in all the banks systems.
Answer:
Explanation:
The study described in the article examines how information technology (IT) affects the banking sector. IT has aided the banking sector in navigating the difficulties presented by the new economy. Financial institutions rely on information gathering, processing, analysis, and provision more than most other sectors do in order to serve clients. It is not surprising that banks were among the first to adopt automated information processing technologies given the significance of information in the banking industry.
For the banking sector, technology has opened up new markets, new products, new services, and effective delivery channels. Internet banking, mobile banking, and online electronics banking are a few examples. Information technology has given the banking sector the tools it needs to meet the difficulties the new economy presents. Recent financial sector changes aiming at accelerating the speed and dependability of financial operations as well as attempts to strengthen the banking industry have been built on information technology.The IT revolution has paved the way for a global rise in financial activity that has never before been seen. The cost of international cash transfers has dramatically decreased as a result of technological advancement and the growth of global networks. Information technology gives banks the ability to satisfy the high expectations of their clients, who are both more demanding and technologically savvy than their predecessors from earlier generations. They desire immediate, round-the-clock, and mobile financial services. IT has been offering banks solutions to handle their accounting and back office needs.
Numerous banks have upgraded their offerings by incorporating computer and electrical technologies. To the advantage of the customer, the technological revolution has made it feasible to offer convenience and flexibility in banking operations. Large paper hank accounts and bulky account registers have been replaced by electronic banking for the benefit of the consumer. The e-banks, which some people may refer to as "easy banks," provide its clients with the following services: credit/debit cards, ATMs, electronic checks, electronic funds transfers, DEMAT accounts, mobile banking, telephone banking, internet banking, and electronic data interchange (EDI) (Electronic Data Interchange).
Relationship banking is gradually replacing traditional banking in the banking sector. Through the branch network, the bank has historically maintained a one-to-one relationship with each of its clients. The implementation of this involved concentrating clearing and decision-making tasks at the branch level.The size of the branch network, the number of branches, and the personnel training in the branch network were all under the control of the main office. The information available to branch workers and their customers was restricted to a certain geographic area, but the bank monitored the organization's performance and established the decision-making boundaries. And it is currently altering the manner in which banks provide services to their clients. The expense of adopting all of this technology has been high, but the benefits are incalculably great.
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