They also make banking institutions more secure through enhanced security and surveillance setups. If you ever used an automated teller machine (ATM) to interact with your bank account, you used a mainframe. Banks play an important role in the economy for offering a service for people wishing to save. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Some of the common security features include the secure server technology (SSL technology), Enforcement of laws like the Data protection act enables for more careful banking by the banks. Reviewed by: Michelle Seidel, B.Sc., LL.B., MBA. However, banking online also has its risks, as virtual thieves develop scams to swipe account information from unsuspecting customers. Avison and V. Taylor, “Information systems development methodologies: a classification according to problem situation”, Journal of Information technology, 1997, pp. Overall, these are just a few of the different ways that technology is altering the way that the finance industry works. 1-7. Reviewed by: Michelle Seidel, B.Sc., LL.B., MBA. However, for our chosen organization cloud computing is not suitable. With cloud computing, users need to have little expertise over the computer and its working. It’s hard to imagine banks without technology. Spreadsheet applications are used to run day-to-day financial tasks, such as compiling financial data, presenting the data in an organized manner through the use of charts and graphs, drawing budgets and calculations of complex transactions. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. : The Business of Banking, American Banker: 10 Ways Technology Will Change Banking in 2015. Decision making tools, account management systems, and internet based systems are widely used by banks to lure customers in the quest to attract them. She is a graduate of Michigan State University with a Bachelor of Arts in anthropology. So the client on the other end will be in position to read the information clearly. The law enables anyone the use the information provided over the internet with due care and only with the consent of the provider of that information. C. Ferran and M.L Lenard, “An Object Oriented Approach to Banking Information Systems”, 1997, pp. Computer literacy is also little required. As much as technology has changed the use of the computer in the banking sector, banks continue to adjust the way they do things. 23rd May 2017 Today, you may not even leave your house to do your banking. The following paper analyzes the information needs of the banks at various departmental levels and compares the security levels used by banks with those in other sectors. Minicomputers are a class of computing machines that range in size between large … Prior to computers, all bank accounting was done by hand. Fact Check: What Power Does the President Really Have Over State Governors? Banking online can also be cost-effective as it eliminates the need to order checks, buy postage or drive to the bank. To conclude, the use and benefits of information systems in banks are many. Online banking has become more popular over the years, and people do not have to go to the bank as often as they once did. Festival of Sacrifice: The Past and Present of the Islamic Holiday of Eid al-Adha, Poulides/Thatcher/The Image Bank/Getty Images. Opening an online bank account can involve completing forms with a lot of small type. Law thus acts as one of the barriers to those who want to breach it. Technologies like cloud computing and other internet based information storage systems have allowed banks to deliver state of the art customer services to its customers while maintain the market competitiveness required for gaining business. Have attitudes to tech investment changed at board level due to Covid-19? Disclaimer: This work has been submitted by a university student. Categories include CIO of the Year, CTO of the Year, Digital Leader of the Year and Security Leader of the Year. The machine can track through the history of the victim, and then calculate and predict the likelihood of fraud based on previous patterns. This is not an example of the work produced by our Essay Writing Service. To evaluate the information systems used by banks, one needs to realize the general nature of information systems used by banks currently. Internet banking is a tool to help customers manage their money and time efficiently. Tellers and other employees also use them to log information. However, developing an information system needs huge investments, responsibility of non-leakage of information (robustness of the system), and various other security measures. Once an account is open, the bank manages everything electronically. The benefits of information are many. At the end of the paper, one should be able to understand the most commonly used technologies in banks, the security measures currently used in banks and whether or not there is scope for further improvement. Banks rely on software like Finnacle for their day to day business unlike the manual banking earlier. Information Week: Bank Systems and Technology: How do Banks Maintain Financial Data? Furthering the do-it-yourself banking model is online banking, which allows customers to pay bills, view account balances, transfer funds from one account to another, pay friends and much more. Computers allow banks to provide ATM services, online banking, speedier transactions and accurate tracking and verification of funds. Davenport and J.E. Customers often use computers for online banking. For example, if purchase transactions are made on a Sunday or after 5:00 p.m., your current balance from an ATM receipt will read the last-known balance during regular banking hours; this can be misleading. In the past, a good customer service team was vital for any company involved in finance. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Using sites such as finance.co.uk, we can switch between banks and choose products for our requirements; the list is endless. 26 November 2020 / The Covid-19 pandemic has caused waves of disruption for the vast majority of companies in [...], 26 November 2020 / As part of his role as energy and sustainability director, new Colt DCS hire Balloch [...], 26 November 2020 / Over the years, I’ve learned that the most important IT leadership skill is to have [...], 25 November 2020 / The recently released 2020 Cost of Insider Threats Global Report, collated by Proofpoint and Ponemon, [...], 25 November 2020 / According to the research from Deloitte, 73% of organisations worldwide are now using automation technologies, [...], 24 November 2020 / Today, graphs are used in a wide variety of government contexts. Those who hadn’t yet reached adulthood by the end of the last century may not remember the days of check writing. The most significant factor is managing the balance between technology and manual intervention, and how harmonising this will further revolutionise the industry for both businesses and consumers. This is the most basic level. Tellers and other employees also use them to log information. However, many security measures have been taken by bank authorities in accordance with the IT professionals to allow smooth hassle free banking through the use of computers and information systems. However, these kinds of premises are rapidly becoming redundant. Apart from law, security levels include password remembrance systems, additional information provision and providing passwords to specific phone numbers only. Banks use computers daily to deliver services in a faster and precise manner. Our academic experts are ready and waiting to assist with any writing project you may have. Digital Scanners. In fact, banks can operate with secure systems and yet gain an advantage by stating their expertise and care they take for their customers. Machines help banks in reducing infrastructure costs and improve efficiency. Use of Computers in Banks Mainframe Computers. Tasks include book keeping, account handling of customers etc. We live in an age where we can access our bank accounts on phones, computers and tablets. Majority of the banks in the western countries and more recently in Asian countries to use the advent of information systems to bolster their business. Recognise and reward excellence in the tech industry by submitting a nomination today. You can view samples of our professional work here. There are key areas that are incorporating technology into financial activities to help develop the customer journey including: Perhaps the biggest way that FinTech is disrupting the finance and banking sector is through customer service. You can even open a new account online. 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