THE ROLE OF INFORMATION TECHNOLOGY IN BANKING
The role of information technology has created a tremendous impact in our lives especially in the introduction of the internet where the information superhighway revolutionized the major industry such as telecommunication, education, government and respectively the banking sector where customers have highly enjoy the benefits of practicing a very proactive and accessible banking services. Today in this present time, we can say that banking and finance industries are highly associated in this information industry.
A certain customer can be given a luxurious option to withdraw or transfer funds using the ATM cards within the network of banks that is instantly available in major key cities. Customers need not go to the branch to handle such transaction. This little card can create an enormous and balanced outlay confidentiality using personalized pin codes. This little card can also purchase different goods and services in just a few clicks of a button or can act as an id card to unlock transaction in a supermarket or department store, restaurant, movie theaters or various establishments.
Credit card has given people the opportunity to spend more of what they have and get a few more extra cash in times of needs. But this requires a bit responsibility on the card holder so that they will be trusted by the bank and not be identified as a delinquent card holder.
The presence of the internet opens up an international banking transaction system without the hassle. Customers can register online and check their account using their computers; they can even handle transaction using online payments and online delivery and transfer of funds. The stock market is usually open 24 hours to generate transaction using online banking and generate customer query while still using online banking.
Cellular phone technology nowadays can access bank transaction using specialized software system that is already installed on the phone, through this, mobile banking is now possible. This information technology phenomenon highly strengthens and maintains a globalized economic standard to set a new trend in banking and will continue to advance as long as the market demands it to be.
On the part of the bank, their mainframe and international network can handle as much as millions of transaction everyday around the world, this makes it easier for them to handle a database of customers and their queries in just a few clicks of a button. Customers from around the globe they can be handled locally and international using online banking transaction. Inside their offices a multi task environment can be done by a single computer for it can process desktop publishing, spreadsheet, multi media even worldwide communication and research that are easily within their employees reach. This will definitely speed up the process of their work.
Software from Microsoft such as office, MYOB, Quickbook and other tools makes it even more specialized and convenient to do the job of bank personnel to handle customers account. From customer’s delivery of service to data gathering and processing, this software has been very helpful in the banking industry.
The computerized time delay lock technology can also protect their important belongings including their vaults and counters. All these are highly advanced technology that ensures the protection of the banks. Not to mention the technology of the great CCTV cameras that is powerful enough to maintain and watch the mobility of their branch.
In this modern times where computer hackers tries to unlock and steal a portion of the bank’s money by decrypting and encrypting specialized virus to get the password of cards and ATM machine so that this corrupt individual can withdraw money from other accounts. The future banking industry may demand a more precise and reliable system technology that will protect their customers from fraudulent individuals. These hackers are just plaintiff and ordinary individuals who have the knowledge to manipulate the system on their favor but they can damage the system severely. Bank programmers are doing their part to protect such accounts of their customers from this individual.
All in all this information technology revolution applies to the integration of the banking system has challenged every companies and individuals to dwell into the banking industry and tap in the best system and services their customers can ever have. This technology highly improved the overall system performance in the banking industry, maintain and develop customer based business process, cut cost the manual labor and speed up the process in a competitive environment workflow on a day to day operation. All this and more has been the major role of information technology to the banking industry.
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