What are the various uses of it in a banking system
Answers
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.
Some banks even allowed you to open accounts without going into a branch - opening banking up to rural folk, previously unbanked people.
Clearing and settlement moved from days to hours and minutes in some cases - speeding up business transactions and allowing goods to be released sooner. What was previously calculated in batch is now real-time. You can now get a more real-time and accurate view of your finances, like never before.
Banking technology has enabled banks to prevent fraud and unauthorised access to your money. Chip and pin on cards ensures cards cannot be cloned. 3D Secure technology ensure it’s you behind a card not present transaction.
Multiple apps on card chip means you could consolidate cards, carrying less plastic in your wallet.
Travel wallets have meant people don’t need travellers cheques, and need to arrange less (if any) foreign currency when travelling.
The more interesting question is “Where else can technology benefit customers in the banking sector?”
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Answer:
In a banking system, computers are used for:
1) Keeping records of transactions.
2) Enabling remote transactions.
3) Keeping records of funds in the account.