Importance Of It For Banks

1095 Words Oct 21st, 2014 5 Pages
Importance of IT for Banks
Emerging new technologies have changed banking industry from paper and branch based to digital and networking banking services. Banks need IT for many reasons. They have to massive amount of information to provide better services and gain competitive over their competitors. Some previous and known roles of IT in banking system are listed below:
E- Banking: A special kind of software GUI (graphical users interface) has enabled customers to access their bank detail anywhere in the world as long as they have access to a computer and internet connection. Customers can pay bills, make transfer, print bank statement, and check their monthly transaction within seconds at their own pace and time.
ATM Machines: Installation of ATM machines in various locations enables customers to self-serve themselves. Customers can perform basic operations by themselves such as to pay bills, deposit money, print statements, and get their account balances thus eliminate the need of a bank tailor.
Smart Card: Smart card such as Visa, Mater Card has enabled customers to borrow a specific amount of money from financial institution. Customers can borrow money according to their specified limit and banks bill them accordingly. This improvement has eliminated the inconvenience of borrowing small amount of money from bank branch by visiting face-to-face.
Above-mentioned technologies have provided benefits both to the customers and banks. In order to fulfill daily needs customer…
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