write down a note on applications of information technology in bank
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Answer:
Banks use a wide range of computer applications to carry out regular, day-to-day operations. These applications allow banking personnel to efficiently carry out transactions, process customer needs, forecast future trends, prepare internal and external reports, communicate with key participants and generate profits.
Applications of information technology in bank:
Banks have developed and implemented several applications for the benefit of customers. The following are a few major applications built for the customers.
- Self-inquiry Service: This facility offers logging into designated self-enquiry terminals at the branch to enquire and see the transactions in the account.
- Remote banking: This facilitates the customer to make enquiries about his accounts, on-line.
- Anytime banking: The ATM facility provides cash withdrawal, remittance and enquiry options to the customers.
- Telebanking: This service provides the customer, requests for 'balances and transactions' in the account can be made over the phone.
- Electronic Banking: This allows the customers to enquire about their financial transactions and accounts, cash transfers, cheque book issue and enquiry on rates.
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