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ICT in Banking

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krupa rai

on 22 May 2014

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Transcript of ICT in Banking

Uses of ICT in Banking
Debit Cards
ATMs (Automatic Machine Teller)
Disadvantages of ICT in Banking
Advantages of ICT in Banking
How ATMs Work
ICT is used in banks to store customers account details
Electronic Fund Transfer (EFT) money transfer instructions to be sent directly to a bank’s computer system
Using Cash Machines (ATMs) can be used for withdrawing cash, checking balance of accounts, paying bills
Electronic Payments for Goods (EFTPOS) this makes banks to allow goods to be paid for electronically
Internet Banking
Telephone Banking, using the phone keys
Processing Cheques (Cheque ‘Clearing’) information on a cheque has to be entered into the bank’s computer system
Each cheque is passed through an MICR reader

Fraud is expensive, banks lose a lot of money from fraud and online crime
A need to be always one step ahead of criminals so investment much be made in coming up with new ways in order to keep customer security
Harder to build personal relationships with their customers
Can’t get to see who they are dealing with
Cant deposit cheques or cash

Debit cards are used more than cheques
Chip contains your personal identity number and account number
This is called a chip-and-pin system
Works by inserting the card into a card reader
By entering the PIN into the reader it confirms that the card belongs to you
The data gets sent to the bank’s computers either by phone or over the internet
It is fast, convenient and fairly secure

First ATM installed into a bank 40 years ago
ATMS are open 24 hours a day so they are useful for withdrawing cash
Have a daily withdrawal limit
Require you to insert your debit card and enter your PIN number using a number keypad
Provide customers with their bank account balance
Normally a free service
Offer additional services for example changing your pin number or top up your mobile phone
How an ATM works:
Behind the ATM is a host computer that sends the correct messages to the customer’s bank, if everything is ok then the services requested is carried out

By Krupa and Duaa
Customers can access their accounts 24 hours a day
Customers do all the work themselves using ICT
Banks save around 50% on the cost
Banks can handle more computers
Less staff employed
Saves rental costs
Banks can attract new customers to their online business

Can get instant statements for your account
It is easy to apply for a loan or mortgage directly from the web site and get an answer very quickly
No need to carry money around if you have a credit/debit card
Almost do everything at home
Don’t need to queue up in a branch

It is difficult to convince a customer to buy an offer through website than meeting in person
Employ specialist web developers and expensive computers to run the site
If the web site goes down customers cannot access their accounts
Security worries
Problems are easier to sort out face to face rather than over the phone
Full transcript