Information Technology in Banking

Topics: Bank, Finance, Online banking Pages: 6 (590 words) Published: September 18, 2011

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Information Technology in Banking & Finance

By Osmond Vitez, eHow Contributor

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Information technology has changed the way companies conduct business domestically and internationally. The banking and finance industry has made great strides in implementing current technology in their business operations.


The banking industry has used business technology to create several new options for consumers, including online banking, instant access to retirement accounts, electronic application processes and electronic wire transfer capabilities.


Consumers typically prefer to do business with banks that offer a wide variety of services. The ability to access their information quickly and securely through the Internet allows banks to increase their customer base, increasing overall profitability.


Security is always a concern when individuals use the Internet to access personal information. Banks must be able to use technology to protect consumers while allowing them virtual access to their information.


Banks can improve the transaction time it takes to transfer money and move financial information between accounts or other banks using technology. This improvement allows banks to collect funds from consumers and businesses quicker, earning the bank higher interest rates on their funds.


Banks can operate multiple locations in several states or countries using business technology. Information can be quickly transmitted to other branch locations regarding funds and financing paperwork, allowing managers to make better business decisions.


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