Information and computer technology on banking Essay

For over a decade, the rapid advancement in information and communication technology has significantly abnormal 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 have changed the banking industry from paper and secernate based banks to digitized and networked banking services. Unlike before, broadband internet is cheap and it makes the transfer of data easy and first. Technology has changed the accounting and management system of all banks.And it is outright changing the way how banks be delivering services to their customers. However this technology comes at a cost, implementing all this technology has been expensive but the rewards are limitless. The banking sector was peerless of the first to embrace rapid globalization and benefit significantly from IT development. The technological revolution in 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 compulsive services are provided to the customers by the Private Commercial intrusts (PCBs), Foreign Commercial blasphemes (FCBs)and Nationalized Commercial Banks (NCBs). The FCBs operating in Bangladesh like commonplace Chartered Bank and HSBCare the pioneers to introduce technology driven banking facilities. Thesebanks provide services like asynchronous transfer mode, debit card, credit card, Point of Sale (POS)services, internet banking, phone banking, any branch banking, ElectronicFund Transfer (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 existence provided by the private Islamic bank s in Bangladesh. For sending foreign remittance NCBs and some PCBs are working collaboratively with mobile phone service operators. Application of figurer 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 have 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.