Information and computer technology on banking Essay

Information and computer technology on banking Essay

For over 10 years, the fast advancement in information and communication technology has considerably affected the banking sector. The banking sector offers embraced the use of technology to serve its client’s quicker and also to carry out more with less. Emerging technologies include changed the banking market from newspaper and branch based banking institutions to “digitized and network banking services”. Unlike ahead of, broadband internet is cheap and it makes the transfer of data easy and initial. Technology has evolved the accounting and management system of all banking institutions. And it is right now changing how how financial institutions are providing services for their customers. On the other hand this technology comes at a cost, implementing all this technology has become expensive however the rewards are limitless. The banking sector was one of the first to take hold of rapid globalization and profit significantly by IT development. The scientific revolution in banking made its debut in the 1954s, with the installation of the first automated bookkeeping machines in banks. This is well before the other companies became THIS savvy. Nevertheless , in Bangladesh the wave started in nineties. Present Status: A good number of technology driven services are provided towards the customers by Private Commercial Banks (PCBs), Foreign Business Banks (FCBs)and Nationalized Commercial Banks (NCBs). The FCBs operating in Bangladesh like Common Chartered Bank and HSBCare the pioneers to bring in technology influenced banking features. Thesebanks present services like ATM, debit card, credit-based card, Point of Sale (POS)services, internet bank, phone banking, any branch banking, ElectronicFund Transfer (EFT). Along with these solutions Standard Chartered Bank isproviding KIOSK service to its buyers. Among the community banks, the PCBs will be ahead of the NCBs in providingtechnology driven banking services. A restricted number of technology drivenservices will be being offered by the private Islamic banking institutions in Bangladesh. For sending foreign remittance NCBs and several PCBs work collaboratively with mobile phone assistance operators. Putting on computer based services in Bangladesh: Electronic Fund Transfer (EFT), SWIFT and MICR cheque are being provided by all the banking institutions. All the banks except Uttara Bank are providing any kind of branch banking to the consumers. All financial institutions have charge card services for their clients except Citi Bank EM. First Security Islami Lender Limited, Uttara Bank Limited and Citi Bank NA have no individual ATM sales space. First Reliability Islami BankLimited is going to establish their own CREDIT booth. They have already selected the palce intended for 100 ATM booth and expect to launch within extremely short likely time.

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