123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Information Technology And Banking

Profile Picture
By Author: fed pats
Total Articles: 225
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Ever wondered how complicated is the process of banking? Imagine: What if you had to take a cheque from someone, verify the person’s credentials, send it to the bank, search for the account number, calculate the balancing amount, send the message to the clearance office, clear the amount, deduct the amount from the opposite party’s account and then finally transfer the amount? How cumbersome can this process be? Nut with the introduction of computer in to the banking industry, all tasks have been made as easy as possible. In the upcoming paragraphs you may reread how the banking process has been broken down into simpler processes by using information technology and computer.

The computers make the process of cheque clearing very easy and less time consuming. The cheques are printed in a special type of ink called the magnetic ink. The ink produces magnetic characters embossed on the cheque. When someone writes a cheque, the check is verified against the magnetic characters and the respective amount is deposited and withdrawn from different accounts. All this is done automatically using very little manual labor.

Another ...
... improvement in the banking industry by the computer is BACS. BACS stands for Bankers’ Automated Clearing Services. This is a technology so far developed and used only in the United Kingdom and some adjoining areas. It is a total computer database which has the records of all the employees regarding in the countries. Moreover, it stores the data of unemployed people, pensioners, mortgages, etc. While keeping a record of all this, it is responsible to deposit the money into all of the accounts respectively through the bank. The information is interchanged between the two financial institutions using magnetic tapes. The success of this system can be measured by the fact that most of the population of UK depend on BACS for their payments.

Another milestone achieved by the computer in the category of banking is the development of ATM (Automated Teller Machines). ATM has opened a new era of opportunities for everyone. This is because of its accessibility and compatibility. It offers a wide range of options. For example, you have an account in a bank which is located on the other end of city. Suppose you immediately require money and you are unable to reach the specific bank. In that case, if there is an ATM of that bank in the nearby branch, you can do a lot of things. For example, you can withdraw money, check the balance in your account, change you’re PIN and much more. It may save your time and energy.

Besides all this, there are a lot of benefits to the bank and the customers who use the ATMs. As per the bank, fewer staff will be required for routine transactions and the staff can concentrate more on revenue-generating tactics and areas. For customers, this is a plus point that ATMs are a 24-hour service and transactions are not just limited to office timings. Conclusively, ATM promotes efficient transactions and makes fraud impossible.
Company: Toronto pcs

Address: 222 Spadina Avenue, Unit # 116 A
Toronto, ON - M5T3B3


Zip code: M5T3B3


Contact person: micdaved


Phone: 647-693-5036


Email: fed.pats@gmail.com

Formoreinformation:http://www.torontopcs.com/

Total Views: 165Word Count: 523See All articles From Author

Add Comment

General Articles

1. Choosing The Perfect Dining Chairs Set Of 2 For Your Home
Author: Shamas Khan

2. Unlock The Future Of Urban Living With Menlo # Studio Hinjewadi
Author: Armaan

3. How Spirituality Promotes Common Sense
Author: Chaitanya Kumari

4. How Spirituality Can Enhance Wisdom
Author: Chaitanya Kumari

5. How To Leverage Odoo’s Full Potential With The Help Of An Odoo Development Company
Author: Tina Sharma

6. How To Select The Best Retaining Wall Repair Contractor
Author: Leon Design & Build

7. How To Set Up A Home Music Recording Studio – A Guide By Audio Logic
Author: audio logic

8. Light Up The Night With Bulk Light-up Mardi Gras Squid Hats
Author: La Luna Bella

9. Okas Residency - An Exclusive Sanctuary In Lucknow
Author: Star Estate

10. Elevator Company Bhubaneswar: Elevating Your Space With Kees Industries
Author: KEES Industries India Pvt. Ltd.

11. Challenges Businesses Face Without Proper Registration
Author: V K Saw

12. How Businesses In Dubai Can Benefit From Battery Recycling Programs
Author: Trisha Menon

13. Thân Cư Quan Lộc: Dấu Hiệu định Mệnh Về Công Danh Và Sự Nghiệp Theo Lá Số Tử Vi
Author: haminhuyn

14. Expert Accounting And Bookkeeping Services In California
Author: maria jeffery

15. Luxury E-cigarettes: Online Shopping For Las Vegas Enthusiasts
Author: Vapor Rage LLC

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: