Computers are getting more
sophisticated. They have given banks a potential, they could only dream about
and have given bank customers high expectations. The changes that new
technologies have brought to banking are enormous in the impact on officers,
employees, in technology are allowing for delivery of banking products and
services more conveniently and effectively than ever before thus creating new
bases of competitive. Rapid access to critical information and the ability to
act quickly and effectively will distinguish the successful banks of the
future. The bank gives a vital competitive advantage by having a direct
marketing and accountable customer service environment and new streamlined
business process. Consistent management and decision support system provides
the bank that competitive edge to forge ahead in the banking market place.
sophisticated. They have given banks a potential, they could only dream about
and have given bank customers high expectations. The changes that new
technologies have brought to banking are enormous in the impact on officers,
employees, in technology are allowing for delivery of banking products and
services more conveniently and effectively than ever before thus creating new
bases of competitive. Rapid access to critical information and the ability to
act quickly and effectively will distinguish the successful banks of the
future. The bank gives a vital competitive advantage by having a direct
marketing and accountable customer service environment and new streamlined
business process. Consistent management and decision support system provides
the bank that competitive edge to forge ahead in the banking market place.
Major applications
The advantages accruing from
computerization are three directional to the customer, to the bank and to the
employee.
computerization are three directional to the customer, to the bank and to the
employee.
Customer aspect
Banks are aware of customers need for
service and plan to make them available information technology has increased
the level of completion and forced them to integrate the new technologies in
order to satisfy their customers they have already developed and implemented a
certain number of solution among them are:
service and plan to make them available information technology has increased
the level of completion and forced them to integrate the new technologies in
order to satisfy their customers they have already developed and implemented a
certain number of solution among them are:
i. Automated teller machine (ATM)
Automated teller machines are
computers/controller device that dispense cash and provide other services to
customers who identify themselves with a personal identification number.
Automated teller machines offer a non-stop traditional method where customers
have to quire for a long time in order to withdraw cash or transfer funds.
computers/controller device that dispense cash and provide other services to
customers who identify themselves with a personal identification number.
Automated teller machines offer a non-stop traditional method where customers
have to quire for a long time in order to withdraw cash or transfer funds.
ii. Electronic
data interchange (ED)
data interchange (ED)
Electronic data interchange is used to
transmit business transactions in computer readable from between organizations
and individual in a standard of format. This enables the bank to provide
cooperation or high value customers with a graphical users interface software
on a PC, to require about their financial transaction and account cash
transfer, cheques books issue and inquiry on rates without visiting the bank.
transmit business transactions in computer readable from between organizations
and individual in a standard of format. This enables the bank to provide
cooperation or high value customers with a graphical users interface software
on a PC, to require about their financial transaction and account cash
transfer, cheques books issue and inquiry on rates without visiting the bank.
B. Bank aspect
During the last decade, banks applied
information technology to a wide range of back and front office tasks in
addition to a great number of new products. The major advantages for the bank
to implement information are:
information technology to a wide range of back and front office tasks in
addition to a great number of new products. The major advantages for the bank
to implement information are:
i. Availability of a wide range of
inquiry facilities assisting the bank to development and follow-up.
inquiry facilities assisting the bank to development and follow-up.
ii. Immediate replies to customer’s
queries without reference to larger keepers as terminals are provided to
managers and chief managers.
queries without reference to larger keepers as terminals are provided to
managers and chief managers.
Fast and
up-to-date information transfer enabling speeding decisions by interconnecting
computerized branches and controlling offices.
up-to-date information transfer enabling speeding decisions by interconnecting
computerized branches and controlling offices.
C. Employees expect
Information technology has increased
the productivity of employees through the following:
the productivity of employees through the following:
a. Accurate computer of cumbersome and time
consuming jobs such as balancing and interest calculation on the data.
consuming jobs such as balancing and interest calculation on the data.
b. Automatic printing of covering schedule,
deposit receipts, cheques books. Thereby freeing the staff from performing
these time consuming jobs and enabling them to give more attention to the needs
of the customers.
deposit receipts, cheques books. Thereby freeing the staff from performing
these time consuming jobs and enabling them to give more attention to the needs
of the customers.
c. Signature retrieval facility, assisting
in verification of transactions, sitting at their own terminal.
in verification of transactions, sitting at their own terminal.
d. Inter branch recondition is immediate;
thereby reducing chances of fraud and misappropriation other applications of
information technology to the banking sectors are:
thereby reducing chances of fraud and misappropriation other applications of
information technology to the banking sectors are:
With increase in usage of mobile phones
and cellular services, several banks have introduced to mobile banking which
allows customers to perform banking transaction using their mobile phones
through internet and also allow customers to obtain current account balance at
any time immediately the transaction is performed.
and cellular services, several banks have introduced to mobile banking which
allows customers to perform banking transaction using their mobile phones
through internet and also allow customers to obtain current account balance at
any time immediately the transaction is performed.