List the various uses of IT in a banking system.for 5 Mark's
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:
Banking started off based on paper journals and banking books, and you were limited to banking at a single branch. Technology removed the need to bank at a single branch and enabled you to bank at various branches of your bank. Technology further enabled you to not go onto a branch: you could withdraw cash at an ATM, first your banks’ ATMs then at other banks’ ATM machines. Technology further allowed you to perform various transactions via the internet and mobile banking - you could now start to create your own beneficiaries and perform local and international payments without going into a branch.