Preview

Impact of Computers in the Banking Sector

Good Essays
Open Document
Open Document
1240 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Impact of Computers in the Banking Sector
THE IMPACT OF COMPUTER IN THE BANKING SECTOR

In the 21st century, more and more people are using the computer and banking system to manage their personal and business finances. Indeed, the blending of computer and banking has made the overall management of household and business finances far easier than it ever has been at any point in history.

With the computer and banking, it is simple to keep track of various types of financial accounts. Indeed, all you need to do is log onto the computer and quickly access the program for computer and banking.

The Internet has also broadened the scope of computer and banking services that are now available on both the personal and business level when it comes to finances.

The Internet allows a person to be in direct contact, if you will, with his or her accounts through computer and banking systems on the World Wide Web. A person now can readily pay bills and undertake other financial tasks via the Internet. The Internet truly has brought about a whole new age when it comes to the computer and banking.

In the future, most experts estimate that the vast majority of transactions involving the payment of bills will take place via the Internet. No longer will be have to mess around with writing checks and mailing in bill payments using land mail services.
As an aside, most financial institutions have taken significant steps to ensure and provide for the security of their customers and their customers’ money when it comes to online computer and banking. Initially, people were reserved about the prospect of using online computer and banking services for fear that their accounts would be improperly accessed. While security measures are not flawless, they have become significant in recent years and do provide a hefty lot of protection to the consumer and the public.

With computers, access is fast, convenient, and available around the clock. Furthermore, customer’s application for electronic banking facilities

You May Also Find These Documents Helpful

  • Powerful Essays

    Criminology in the Future

    • 3359 Words
    • 14 Pages

    The Internet has become a powerful source for information as well as communication. We depend on computers in almost every aspect of our lives. At work, much of our financials are done through the computer. We do not see the millions of dollars a company has but see the numbers generated by the Ledger. We can move money around to various banks and accounts…

    • 3359 Words
    • 14 Pages
    Powerful Essays
  • Good Essays

    Hsbc vs Lloyds

    • 931 Words
    • 4 Pages

    E-banking has become essential for banks in the last several years, mostly in developed countries. With the introduction of online banking, banks have been able to reach millions of customer’s that are not even in their geographical area and bring them a quick & easy way to check their statements, balances, view recent transactions and many more facilities that were not possible to do before, unless they went to the branch of their local bank. With this introduction, it brings the customer lots of advantages as opposed to before the launch of e banking, but with the advantages alongside indeed brings disadvantages.…

    • 931 Words
    • 4 Pages
    Good Essays
  • Best Essays

    The evolution of technology over the past few years has been part of a phenomenal experience in our everyday lives. Today, more and more people rely on getting things done faster and quicker, with the help of technology. Take banking for instance, the traditional way was having to go to the bank for even the smallest transactions like sending money, checking your balance and so on. Then came the era of Automatic Teller Machines (ATMs), which can be used to carry out simple banking transactions. From then on, Internet banking was introduced in the early 1980s, and by the year 2000, around 13.7% of households had signed up for online banking accounts, just in America (Ann Lomena, Joy Ried, Dec 2000).…

    • 1636 Words
    • 7 Pages
    Best Essays
  • Powerful Essays

    The Internet has not only created previously non-existent opportunities for cost effective, all time available financial services, it has also increased the significance of a number of risks which did not exist or were not significant in the…

    • 3239 Words
    • 13 Pages
    Powerful Essays
  • Satisfactory Essays

    Sfdsfdsdfsdf

    • 611 Words
    • 3 Pages

    ^ Cronin, Mary J. (1997). Banking and Finance on the Internet, John Wiley and Sons. ISBN 0-471-29219-2 page 41 from Banking and Finance on the Internet. Retrieved 2008-07-10..…

    • 611 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Using automated teller machine has emerged for at least two critical reasons. The first one is that notion that it serves as a substitute path and network other than conventional branch channels for employees to contact banks. In this information technology generation, more and more employees, especially youth and teenagers who are considered to accept modern and advance technology easily, are accessing remote mediums-telephone banking and other forms of banking services which include desktop banking and other virtual banking-to carry out or conduct their financial operations and activities. These online users and customers and target market does not even need more management and administration over their personal finances while valuing their time as they can access this “anytime, anyplace, anywhere” with their customised access to financial services (Jordan and Kats, 1999).…

    • 843 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    1.1.2 Broadly, the levels of banking services offered through Internet can be categorized into three types: (i) The Basic Level Service is the banks’ websites which disseminate information on different products and services offered to customers and members of public in general. It may receive and reply to customers’ queries through e-mail, (ii) In the next level are Simple Transactional Websites which allow customers to submit their instructions, applications for different services, queries on their account balances, etc, but do not permit any fund-based transactions on their accounts, (iii) The third level of Internet banking services are offered by Fully Transactional Websites which allow the customers to operate on their accounts for transfer of funds, payment of different bills, subscribing to other products of the bank and to manage purchase and sale of securities, etc. The above forms of Internet banking services are offered by traditional banks, as an additional method of serving the…

    • 1941 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    9. “Internet Banking Handbook” Federal Reserve Board of Chicago’s Office of the Comptroller of the Currency (OCC), (2001).…

    • 4770 Words
    • 20 Pages
    Powerful Essays
  • Satisfactory Essays

    Information technology which is the foundation of modern electronic banking through desktop computers and terminals provide the tools for delivery of new products and innovations characterized by ATM’s cash dispensers, credit and cash card, information technology through electronic banking is seriously changing how banking is done all over the world. The volume and speed of banking transactions has improved tremendously as a reject of the growth of electronic banking which has created a lot of changes and business opportunities for banks. What used to be termed electronic data processing has been transformed into electronic banking through information technology. The change in terminology reflects on equivalent transformation of the use of the computer from automation of paper flow to reduction in unit cost the replacement of manual with computer processing to today’s focus on electronic product and service delivery which has become the underlying ethos in today’s banking with a shift in adopting to a consumers market Internet banking is gaining ground.…

    • 534 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Online banking is becoming more and more popular because the advantages of online banking for the majority of banking users. You can apply most of it without leaving your home, if you wish. Internet banking is a great secure and convenient way to handle your cash flow.By using the internet banking, you can make most of different transactions. It is possible to pay bills directly from the checking account online. This saves you the cost of a stamp and saves your times. It also provides you more leeway in how quickly you need to pay your monthly bill. In case you need to mail it, you can send it out long ahead of the due date.Consumers will become more comfortable with doing the majority of their shopping online.…

    • 358 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Electronic banking plays a vital role in the economic development of a country. Due to immense advances of information and communication technology (ICT), it certainly introduced new dimensions for the global banking community.…

    • 1573 Words
    • 10 Pages
    Good Essays
  • Powerful Essays

    Mis Practise in Exim Bank

    • 9656 Words
    • 39 Pages

    Banking environment has become highly competitive today. To be able to survive and grow in the changing market environment banks are going for the latest technologies. The banking industry has changed in the way they provide service to their customers. The financial sector made remarkable progress in adopting electronic forms of payments instead of traditional paper-based ones in the just concluded year. Information Technology has brought about this momentous transformation. Securities of IT systems for a financial institution have therefore gained much greater in importance. Moreover Information and information technology systems are essential assets of the banks and as well as for their customers and stake-holders. Customers are now demanding new, more convenient, delivery systems. The use of debit card, credit card, automated teller machine (ATM), internet banking, mobile banking, automated check processing and credit information system increased significantly in 2011.…

    • 9656 Words
    • 39 Pages
    Powerful Essays
  • Powerful Essays

    Among various electronic banking technologies internet banking is the latest banking technology and the most rapidly diffused banking technology through out the world. Now, in a world which is becoming increasingly open as a result of the internet and www, internet banking has been gaining ground around the globe. This offers banking institutions a new frontier of opportunities and challenges further augmenting competition in the global banking market.…

    • 9926 Words
    • 40 Pages
    Powerful Essays
  • Satisfactory Essays

    Electronic banking is the use of electronic means to transfer funds directly from one account to…

    • 5553 Words
    • 39 Pages
    Satisfactory Essays
  • Powerful Essays

    finance

    • 3489 Words
    • 22 Pages

    also called as online banking and it is an outgrowth of PC banking. Internet banking uses…

    • 3489 Words
    • 22 Pages
    Powerful Essays

Related Topics