Information and computer technology on banking Essay Example for Free

Information and computer applied science on banking EssayFor over a decade, the rapid advancement in information and communication technology has significantly affected the banking industry. The banking sector has embraced the substance abuse of technology to serve its clients faster and also to do more with less. Emerging technologies come changed the banking industry from paper and branch based banks to digitized and networked banking go. Unlike forrader, broadband internet is cheap and it makes the take out of data easy and first. Technology has changed the accounting and management system of all banks. And it is now changing the behavior how banks are delivering services to their customers. However this technology comes at a cost, implementing all this technology has been expensive notwithstanding the rewards are limitless. The banking sector was one of the first to embrace rapid globalization and benefit significantly from IT development. The scientific revolution i n banking started in the 1950s, with the installation of the first automated bookkeeping machines at banks. This was well before the other industries became IT savvy.However, in Bangladesh the revolution started in 1990s. Present Status A good number of technology driven services are provided to the customers by the Private Commercial brims (PCBs), Foreign Commercial Banks (FCBs)and Nationalized Commercial Banks (NCBs). The FCBs operational in Bangladesh like Standard Chartered Bank and HSBCare the pioneers to introduce technology driven banking facilities. Thesebanks provide services like ATM, debit card, credit card, Point of Sale (POS)services, internet banking, visit banking, every branch banking, ElectronicFund exile (EFT).Along with these services Standard Chartered Bank isproviding KIOSK service to its customers. Among the local banks, the PCBs are in advance of the NCBs in providingtechnology driven banking services. A limited number of technology drivenservices are bei ng provided by the surreptitious Islamic banks in Bangladesh. For sending foreign remittance NCBs and some PCBs are working collaboratively with mobile phone service operators. Application of computer based services in BangladeshElectronic Fund Transfer (EFT), nimble and MICR cheque are being provided by all the banks. All the banks except Uttara Bank are providing any branch banking to the customers. All banks have debit card facilities for their clients except Citi Bank NA. First hostage Islami Bank Limited, Uttara Bank Limited and Citi Bank NA have no own ATM booth. First Security Islami BankLimited is going to establish their own ATM booth. They have already selected the palce for 100 ATM booth and deliver to launch within very short possible time.