Information and computer technology on banking Essay

Category: Computer,
Published: 22.11.2019 | Words: 438 | Views: 610
Download now

For over ten years, the quick advancement in information and communication technology has significantly affected the banking market. The banking sector has embraced the utilization of technology to serve its client’s more quickly and also to perform more with less.

Appearing technologies have got changed the banking sector from paper and branch based banking companies to “digitized and network banking services”. Unlike prior to, broadband internet is cheap and it makes the transfer of information easy and first. Technology is promoting the accounting and management of all banks. And it is right now changing the way in which how banking institutions are delivering services for their customers.

Need help writing essays?
Free Essays
For only $5.90/page
Order Now

Even so this technology comes at a cost, implementing this technology has become expensive nevertheless the rewards are limitless. The banking sector was main to accept rapid the positive effect and benefit significantly by IT advancement. The technical revolution in banking were only available in the 1955s, with the installation of the initial automated accounting machines in banks. This was well before the other industries became IT savvy.

However , in Bangladesh the revolution started in 1990s. Present Position: A good number of technology driven providers are provided to the customers by Private Business Banks (PCBs), Foreign Commercial Banks (FCBs)and Nationalized Business Banks (NCBs). The FCBs operating in Bangladesh like Common Chartered Financial institution and HSBCare the pioneers to expose technology influenced banking establishments. Thesebanks offer services like ATM, charge card, visa or mastercard, Point of Sale (POS)services, internet financial, phone bank, any part banking, ElectronicFund Transfer (EFT). Along with these providers Standard Chartered Bank isproviding KIOSK service to its buyers.

Among the neighborhood banks, the PCBs will be ahead of the NCBs in providingtechnology driven financial services. A limited number of technology drivenservices will be being furnished by the exclusive Islamic banks in Bangladesh. For mailing foreign remittance NCBs plus some PCBs are working collaboratively with mobile phone support operators. Application of computer centered services in Bangladesh: Electronic Fund Transfer (EFT), SWIFT and MICR cheque are being furnished by all the banking companies.

All the banking institutions except Uttara Bank will be providing any branch banking to the customers. All banking companies have charge card services for their clients except Citi Bank MHH. First Security Islami Bank Limited, Uttara Bank Limited and Citi Bank BIST DU have no very own ATM sales space.

First Reliability Islami BankLimited is going to set up their own ATM booth. They have already selected the palce intended for 100 ATM booth and expect to release within extremely short conceivable time.