Information and computer technology on banking Essay

For over a decade, the rapid advancement in information and communication applied science has importantly affected the banking industry. The banking area has embraced the physical exertion of technology to serve its clients faster and also to do more with less. Emerging technologies wee-wee changed the banking industry from paper and branch establish banks to digitized and networked banking services. Un worry before, broadband internet is cheap and it makes the transfer of information easy and first. Technology has changed the accounting and management system of all banks.And it is promptly 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 but the rewards are limitless. The banking sector was one of the first to embrace rapid globalization and benefit significantly from IT development. The technological conversion in banking started in the 1950s, with the installat ion of the first automate 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 drive services are provided to the customers by the Private Commercial believes (PCBs), hostile Commercial asserts (FCBs)and Nationalized Commercial Banks (NCBs). The FCBs operating in Bangladesh like Standard leased Bank and HSBCare the pioneers to introduce technology driven banking facilities. Thesebanks provide services like atmosphere, debit entry card, credit card, Point of Sale (POS)services, internet banking, phone banking, whatever 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 being provided by the private Islamic banks in Bangladesh. For sending foreign remittance NCBs and whatsoever PCBs are working collaboratively with mobile phone service operators. Application of figurer based services in BangladeshElectronic Fund Transfer (EFT), sprightly 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 in spite of appearance very short possible time.