Uses of IT in the Banking Sector:

Science and technology have made our life easier, more comfortable, and more dynamic. So this period is called the age of technology. Computer technology has surpassed the existing analog system in the case of the World Bank. Our banking sector has undergone a lot of changes. Using technology in the banking sector accelerates our daily work, reducing time and suffering. Today people do not carry any bank checks or cash but just carrying a plastic card is enough. The technologies listed below are currently being used in the global banking industry. Technologies are still being used. In the future, more advanced technology and is used in the developing and developed world will also help in technological advancement with the progression of seeing technology. Here is a list of IT uses in the banking sector:

  • Automated Teller Machine (ATM): ATM is a technology used all over the world. ATMs enable customers to cash in at any time when they need cash, thus replacing the human teller.
  • Mobile Banking: Mobile banking application is the technologies used in the banking sector that is offered to the customers to transfer their money and make payments.
  • Internet Banking: A customer accesses his/her bank account online to use an active internet connection and is able to inquiry account balances, make payments, transfer funds, arrange international payments, make standing orders and update debit payments, and check for updates and recent transactions.
  • Video Teller Machine (VTM): A new and innovative service is available through banks. A customer is remotely connected to a customer service representative via VTM for all branch banking services to the customer.
  • Secure Short Messaging service (SSMS): SSMS banking is used to send and receive text messages to customers on their mobile phones. Banks keep a record of the customer’s mobile number, enabling the customer to search his bank account.
  • SMS Banking: SMS permits you to do some banking search on your mobile from anywhere in under mobile network coverage in a country.
  • RFID Technology: There is a bank card embedded with a chip made for money payment. Payment is made by placing the card in front of an RFID reader, and the payment is processed spontaneously.
  • Telephone Banking or Interactive Voice Response (IVR): A customer can interact by selecting different options from the voice prompt system or talk to select options.
  • Wireless Application Protocol (WAP): It is a technology used in mobile banking where the customer right to entry to the bank’s website via the internet using a browser on the mobile phone.
  • Unstructured Supplementary Service Data (USSD): It is an SMS service with a menu and time session. This is a standard that is used in all handset mobiles.
  • Mobile Money: Also referred to as Mobile Wallet, Mobile Payment, and Mobile Money Transfer. Mobile money services are used worldwide, mainly in Africa for those who do or do not have a bank account.

At last, we can say that the banking sector is now using new technologies to make available better services to the customers. The banking sector understands that customer needs have changed with technology and their own needs. Changed information technology has allowed the application of advanced banking products, a competitive market, and a consistent approach to threat control and has helped mobile banking services reach geographical distances and diverse markets.