What are the important of computer to banking?

Answer 1

The role of computer in banking sector is very wide. This is used for recording transactions and has the database of the bank among other integral functions.

Answer 2

1. Account Management

o In banking, activities start with banks automating customer accounts, which allows personnel to create, update and maintain customer records. Banking hardware and software have enhanced the accuracy of accounts that tellers and other banking personnel process. Banking software performs customer transactions through a centralized data record system. Account management is the genesis and backbone of all banking information systems.

Hardware Technology

o In the 1960s, bank hardware consisted of a mainframe and a punch card machine. Punch cards contained customer account information and were read into the main system by a punch card machine. Midrange and client/server hardware configurations, which are no larger than a minitower system, can run an entire bank in addition to receiving transactions from affiliated bank branches. These new hardware technologies can process more transactions than legacy banking hardware systems. Hardware technologies have enabled advances into wireless banking and telecommunications banking.

Electronic Transactions

o Banking systems must perform electronic transactions. Direct deposit is an example of an electronic transaction. Computers processing electronic transactions must have hardware and software encryption capabilities to keep data from being compromised during a transmission. After the computer performs electronic transmissions, it transfer the information to the main computer system for processing and updating. Banks have extended electronic transaction capabilities through landline and cell phones, the internet and ATMs.

Answer 3

Computers help employees in the banking industry make fewer errors. Computers automate much of the process of doing their jobs, which increases the accuracy of the job.

Answer 4

Computing in the financial sector allows for multiple transactions between banks, financial institutions, and between companies to be done in a more effective, safe, and speedy manner.

Answer 5

what are the important of computer to banking