the story of technology in banking

Essay Topics: Products services, Their business,
Category: Technology,
Words: 478 | Published: 04.17.20 | Views: 187 | Download now

Personal finance, Technology

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Banking

The storyplot of technology in financial started by using punched credit card machines like Accounting Equipment or Ledger Posting Equipment. The use of technology, at that time, was limited to keeping books from the bank. That further developed with the birthday of online real time system and vast improvement in telecommunications during late 1970’s and 1980’s. this resulted in a revolution in the field of financial with “convenience banking” as being a buzzword. Through Convenience banking, the bank is definitely carried towards the doorstep from the customer.

The 1990’s saw the birth of allocated computing solutions and Relational Data Base Management System. The banking industry was just waiting for these kinds of technologies. With distribution solutions, one could configure dedicated devices called front-end machines pertaining to customer service and risk control while connection in the batch mode with out hampering the response period on the front- end equipment. Intense competition has compelled banks to rethink the way they operated all their business. They had to transform and improve their products and services to generate them even more beneficial and cost effective. Technology in the form of E-banking has made this possible to find alternate financial practices for lower costs.

More and more people are applying electronic financial products and services since large section of the banking institutions future consumer bottom will be consisting of computer well written customer, the banks has to be able to offer these types of customer services and products that allow them do all their banking by simply electronic means. If they fail to do that will, simply, not endure. New products and services are emerging that are set to replace the way functioning at money and the financial system. Twenty-four hours a day banking E-banking facilitates executing basic bank transactions simply by customers round the clock globally. Actually there is no restricted office several hours for E-banking.

  • Convenient Bank. Customers is capable of doing basic financial transactions by simply sitting for their business office or at your home through LAPTOP OR COMPUTER or LAPTOP. No personal visit to the branch is needed for regimen basic deals.
  • Low Cost Banking. The operational costs have come straight down due to technology adoption. The expense of transactions through internet bank is much less than any other classic mode. There is also much saving on the cost of infrastructure as the banking companies can use a greater volume of potential customers with no commitment costs of physically opening branches. Moreover, requirements of staff at the financial institutions get reduced to a higher extent.
  • Profitable Banking. The increased speed of response to client requirements, may enhance client satisfaction and consequently can cause higher income as a result of handling more quantity of customer accounts.

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