History of banking Among many other things, the Code of Hammurabi from BC recorded interest-bearing loans. Banking began with the first prototype banks of merchants of the ancient world, which made grain loans to farmers and traders who carried goods between cities and this system is known as a barter system. This began around BC in Assyria and Babylonia. Later, in ancient Greece and during the Roman Empirelenders based in temples made loans and added two important innovations:
Unlike before, broadband internet is cheap and it makes the transfer of data easy and first. Technology has changed the accounting and management system of all banks. And it is now changing the way how banks are delivering services to their customers. However this technology comes at a cost, implementing all this technology has been expensive but the rewards are limitless.
Below I have listed some of the roles of technology in the banking industry. This enables the bank to deliver its services easily to its high end customers.
Another technology used by banks to exchange data between the bank and clients is called Electronic Date Interchange EDI ; this software can be used to transmit business transaction in a computer-readable form. So the client on the other end will be in position to read the information clearly.
Since many people go abroad to work, they have a need of supporting their families. So technology has made it simple for them to send money to their loved ones easily. In Africa, they have introduced Mobile money banking facilities.
In this case a user in a rural area will have an account with a mobile company which is opened for free. They can then deposit money on that account via a near by mobile money operating center. This money can be withdrawn at any time any were in that area and they can also receive or send money using the same system.
With a credit carda customer can borrow a specific amount of money from the bank to purchase any thing and the bank bills them later. Instead of customers lining up or going to the help desk, banks have provided simple self inquiry systems on all branches.
This saves time on both sides. Banks have installed ATM machines in various areas; this means a customer does not have to go to the main branch to make transactions. This facility has also enabled anytime banking, because customers can use ATM machines to deposit money on their accounts.
Remote banking has helped people in rural areas improve on their culture of saving money. Centralized Information results to quick services: This enables banks to transfer information from one branch to another at ease.
For example, if a customer registered their account with a rural branch, they can still get details of their account while at the main bran in an urban area. Technology has played a big role in reducing fraud in banks which protects its clients.
For example, banks use a technology which verifies signatures before a customers withdraws large sums of money on a specific account and this reduces on the errors or risks which might arise due to forgery. Their so many other uses of technology in the banking sector, you can build on this list.Latest news on banking, finance, money, loans, insurance, currency, NBFCs, interest rates, RBI, micro finance, Government Finances, Public Financing, Bank Credit.
Negative impact of technology in banking sector Information Technology solutions have paved a way to a new world of internet, business networking and e-banking, budding as a solution to reduce costs, change the sophisticated economic affairs to more easier, speedy, .
Banking in India, in the modern sense, originated in the last decade of the 18th torosgazete.com the first banks were the Bank of Hindustan, which was established in and liquidated in –32; and the General Bank of India, established in but failed in The largest bank, and the oldest still in existence, is the State Bank of India (S.B.I).
Banking began with the first prototype banks of merchants of the ancient world, which made grain loans to farmers and traders who carried goods between cities and this system is known as a barter torosgazete.com began around BC in Assyria and torosgazete.com, in ancient Greece and during the Roman Empire, lenders based in temples made loans and added two important innovations: they .
title page the impact of computer services in banking industries a case study of united bank for africa (u.b. a) gusau branch. by abdul aziz sanin baba maryam abdullahi adm no: adm no: /5(5).
Free Essay: THE IMPACT OF COMPUTER IN THE BANKING SECTOR In the 21st century, more and more people are using the computer and banking system to manage their.