Essay On Technology In Banking

Technology and Banking Services

The introduction of Information Technology services by the banks has positively impacted on the customers and has brought revolution in the operation of the banks. Technological facilities like ATMs, Mobile Money, Branch Network, Telephone Banking, Internet Banking etc have introduced by banks for the customers. The explosion of technology is changing the banking industry from paper to Internet and branch banks to digitized and networked banking services. It has already changed the internal accounting and management systems of banks. It is now fundamentally changing the delivery systems banks use to interact with their customers. All over the world, banks are still struggling to find a technological solution to meet the challenges of a rapidly-changing environment. It is clear that this new technology is changing the banking industry forever. Banks with the ability to invest and integrate information technology will become dominate in the highly competitive global market. Bankers are convinced that investing in IT is critical. Its potential and consequences on the banking industry future is enormous.

Computers are getting more sophisticated. So Computers have given banks a potential they could only dream about and have given bank customers high expectations. The changes that new

They can arrange to have them paid by direct debit every month at a time that suits them, or they can make one off transfers as and when the bills come in. This means that there’s no longer any need to pay a physical visit to a branch to pay bills and it also means they are more likely to pay them on time. People who find it more difficult to manage their money can arrange for as many bills as possible to be paid just after their salary clears their account so that they know the essentials are covered before they can spend on