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Computers in Banking Sector

Computers in Banking Sector. Computers allow banks to provide ATM services, online banking, speedier transactions and accurate tracking and verification of funds. They also make banking institutions more secure through enhanced security and surveillance setups.

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Computers in Banking Sector

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  1. Computers in Banking Sector

  2. Computers allow banks to provide ATM services, online banking, speedier transactions and accurate tracking and verification of funds. They also make banking institutions more secure through enhanced security and surveillance setups. Prior to computers, all bank accounting was done by hand. This meant that it would sometimes take several days for transactions to post to accounts, making it more difficult for customers to keep accurate track of their finances. Now, technology plays a significant role in the constant upgrade and addition of services available to help customers

  3. There are many different important factors of having a computer within the banking sector. It makes life a lot quicker and easier and there will no longer be manual inputs of data on paper and within records, it can all be taken care of by the computer and be stored and sent on accordingly. Previous transactions of certain customers can be found in seconds as opposed to waiting for a long period of time, and therefore problems and issues can be dealt with a lot quicker as the information can be found instantly. 

  4. Benefits to the Customer Self-inquiry facility: Facility for logging into specified self-inquiry terminals at the branch to inquire and view the transactions in the account. Remote banking: Remote terminals at the customer site connected to the respective branch through a modem, enabling the customer to make inquiries regarding his accounts, on-line, without having to move from his office

  5. Anywhere banking: Networking of computerized branches inter-city and intra-city, will permit customers of these branches, when interconnected, to transact from any of these branches • Telebanking: A 24-hour service through which inquiries regarding balances and transactions in the account can be made over the phone

  6. Benefits to Bank • Availability of a wide range of inquiry facilities, assisting the bank in business development and follow-up. • Immediate replies to customer queries • Automatic and prompt carrying out of standing instructions on due date and generation of reports. • Generation of various MIS reports and periodical returns on due dates. • Fast and up-to-date information transfer enabling speedier decisions

  7. Benefits to Employee • Accurate computing of cumbersome and time-consuming jobs such as balancing and interest calculations on due dates. • Automatic printing of covering schedules, deposit receipts, pass book / pass sheet, freeing the staff from performing these time-consuming jobs, and enabling them to give more attention to the needs of the customer. • Signature retrieval facility, assisting in verification of transactions, sitting at their own terminal. • Avoidance of duplication of entries due to existence of single-point data entry.

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