Information and computer technology on banking Essay Example for Free

Information and computer engineering on banking EssayFor over a decade, the rapid advancement in information and parley technology has significantly affected the banking industry. The banking sector has embraced the use of technology to serve its clients faster and also to do more with less. Emerging technologies rescue changed the banking industry from paper and branch based banks to digitized and networked banking services. Unlike before, broadband internet is cheap and it makes the transfer of data easy and first-year. Technology has changed the accounting and commission system of wholly banks. And it is now changing the way how banks are delivering services to their customers. However this technology comes at a cost, implementing all this technology has been expensive simply the rewards are limitless. The banking sector was one of the first to embrace rapid globalization and benefit significantly from IT development. The technological revolution in banking started in th e 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 enactment of technology driven services are provided to the customers by the Private Commercial avows (PCBs), Foreign Commercial coasts (FCBs)and Nationalized Commercial Banks (NCBs). The FCBs operating 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, resound banking, any branch banking, ElectronicFund tape transport (EFT).Along with these services Standard Chartered Bank isproviding KIOSK service to its customers. Among the local banks, the PCBs are ahead of the NCBs in providingtechnology driven banking services. A limited number of technology drivenservices are being provided by th e private 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), SWIFT 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 kick in debit card facilities for their clients except Citi Bank NA. First Security 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 expect to launch within very short possible time.