How is information technology used in the banking sector?
A lot of Information Technology is used in banking. In larger banks all branches are connected via networks to a bank's "data center" Data centers are where the mainframe and servers are housed for the bank. Also all ATM Machines are connected to the data center in the same way. Most people working for a bank have a computer (Branches and back office departments), which all need upgraded from time to time plus they need new software installed to fit the user's needs. Also with large banks they usually have a call center (or multiple call centers) which are all interconnected and work together to serve the customer's needs (Using Telephony and other networks) I hope this helps
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Indian\nbanking industry, today is in the midst of an IT revolution. A combination of\nregulatory and competitive reasons have led to increasing importance of total\nbanking a…utomation in the Indian Banking Industry. \n \nInformation Technology has basically been used under two different avenues in\nBanking. One is Communication and Connectivity and other is Business Process\nReengineering. Information technology enables sophisticated product\ndevelopment, better market infrastructure, implementation of reliable techniques\nfor control of risks and helps the financial intermediaries to reach\ngeographically distant and diversified markets. . By Guruprasad. Hibare . Bijapur .
The ongoing revolution of Information technology (IT) has been assisting the industrialized and emerging markets, including the banking sector in their inter-operable systems.…
I don't know how detailed you need the answer so I can give you a fairly brief one. A disadvantage from my personal perspective in this line of work is that IT provides mass c…ollaboration with customers/partners/businesses in a real time setting allowing the passage of funds/transactions instantly. With such fast communication it is hard to verify if said transactions are real or said customers/partners/businesses are real until after losses have incurred or a strong relationship has been built. We no longer have to look customers in the face in order to transact. You only need a computer. Therefore there is always the risk of false identity and stolen accounts. The last disadvantage is that banks rely and partner up with other banks especially in the international markets. You are trusting that their Compliance is up to snuff as well as their security because depending on how the relationship is layered a simple database breach could level the bank(s). I hope that makes sense.
Besides data entry, storing customer databases, providing stock trade links, and providing web services, some banking institutions perform High-Frequency Trades to skim money …off normal trading using powerful computers and fast connections.
mainly governemnt role in IT foeld is dependent to US market . Approximately 85 % we got income from US market and Europe market. that's why now - a - days we are falling down… in share market related to IT
We accomplish results and efficiencies other vendors don't, at a value they can't match, because of the functionality and the integration designed into our systems. Our system…s cover all facets of the health care spectrum, from primary care to continuing care management. Information is integrated both horizontally across care facilities and vertically among the physicians orchestrating care, the nurses delivering care, and the clinical departments supporting this care. Clinical and financial information is fully integrated tightly coupled so health care organizations operate efficiently. Our platform is designed and engineered with an understanding of the reliability critical to Health Care Information Systems, and the flexibility essential for information systems to continually evolve to meet changing health care dynamics.
The statistical tools are used in banking sector for making a decision.How do a bank invest their money in capital market or for lending to their customer,they have to use sta…tistics.It is also use in forcusting in the banking sector.
RTGS means Real Time Gross Settlement. It is used for immediate payment which is affect in party account withinminutes. It is used for the transfer of Rs 100000 or more from… the one bank a/c to the another bank a/c (any bank located anywhere in India if attached with internet system)within few minutes at very minimal charges like only Rs 25 in SBI. For amount less than Rs 100000 we use NEFT( National Electronic Fund Tranfer).
Electronics and information technologies are rapidly changing the banking and financial services industry. Online banking and electronic payment systems are new and this allow…s customers to check their balance and update and personal information, and the development and diffusion of these technologies by financial institutions is expected to result in a more efficient banking system. This technology offers institutions an alternative and better delivery channels through which banking products and services can be provided to consumers. The decline in cost and increase in capacity of computers, as well as developments in communications technology, have altered not only the way information is transferred but also the cost of processing and storing information.. To bring services closer to a customer and to guarantee the opportunity to use them anytime a customer wants to, have been the most important targets in banking during the last twenty years. The continuing development of more and more complicated back-office systems would not have been possible without information technology.
Physics is used in the banking sector in various ways. Theelectronics used in the banking industry rely on physics and thereis also the use of statistics which is part of phys…ics as well.
sector in India has played a vital role in putting India on the worldwide map. IT sector in India has been one of the most considerable growthfactors for the Indian economic c…limate. The industry has played a. substantial function in changing India's photo. from a sluggish relocating administrative economy to a land ofcutting-edge entrepreneurs and a global. player in supplying top quality technology remedies and alsobusiness solutions. The sector has. helped India change fr. om a rural and agriculture. -. based economic situation to a data base. economy.
I want to tell you that now a days mainly in Banks all the transactions is done by Computer network and this is called a special word CBS (Core banking solution) Which mean ev…ery branch of a Bank which has facility of CBS do their whole work with the help of Computer. . All the transaction are done by internet or intranet between banks. And banks use special software not sure about that but it is Oracle made which do all the work instead of keeping record in paper register. .
Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide bet…ter services to them. Also, it helps them function in an organized and secure way. As for us (the customers) we have ATMs, Cash deposit machines, online banking, phone banking etc which are all fruits of technological advances which have made our banking experience much easier. Imagine having to run to the bank everytime you wanted to check your balance or make a deposit or withdrawal.