NEW
TECHNOLOGY IN BANKING:
The IT (Information Technology)
has changed the Indian structure of Indian Banking. Technology has been
identified by banks as an important element in their strategy to improve
productivity and render sufficient customer service. In banking computerization
has taken place all over the world. The purpose is to bring technology to the
counter and to enable Employees to have information at their fingertips. The
New technologies that are being used in banks are:-
1. Electronic Fund Transfer (EFT): It
is easy transfer of funds from one place to another. It enables the beneficiary
to receive money on same day or next day. The customer can transfer money
instantly from one bank to another, from one bank account to another or from
one branch to other or a different bank not only within the country but also
anywhere else in t5hre world through electronic message.
2. Credit Card: Credit Card (post Card) is a
convenient medium of exchange. With the help of credit card a customer can
purchase goods and services from authorized outlets without making immediate
cash payments but, within the prescribed limit.
3. Debit Card: Debit Card is a prepaid card and
it allows customers anytime anywhere access to his saving or current account.
For using debit card a PIN (Personal Identification Number) is issued to
customers. Any transaction taking place is directly debited to the customer’s
bank account.
4. Phone banking: In phone banking a customer can
do entire non-cash related banking services on telephone, anywhere at any time.
He can talk to a phone banking officer for transacting a banking business.
5. Telebanking: Telebanking is a 24 hour banking
facility based on the voice processing facility available on bank computers.
Here banking services or products are rendered through telephone to its
customers.
6. Internet Banking: Internet
banking is on-line banking. It is a product of E–commerce. Internet banking
enables customers to open accounts, paybills, know account balances, view and
print copies of cheques, stop payments etc.
7. Mobile Banking: Everybody with a mobile phone can
access banking services, irrespective of their location. It is an extension of
Internet banking. It provides services like account balance, mobile alerts
about credit card or debit card transactions, mini account statement etc.
8. Door Step Banking : Here,
there is no need for customer to visit the branch for getting services or
products from the bank. This means banking services and products are made
available to a customer at his place of residence or work.
9. Point Of Sale (POS) : In
an online environment the POS terminal is a machine that facilities
transactions through swipe of a card.
10. ATMs:
ATMs are emerging as the most useful tool to ensure ‘any time banking’
and ‘anywhere banking’ or ‘anytime money’. ATMs are self service vendor
machines that help the banks to provide round the clock banking services to
their customers at convenient places without visiting bank premises. The
customers are provided with ATM card.
11. Virtual
Banking: It means rendering banking and its related services
through use of IT. Some of the most important types of virtual banking are
:-ATMs, electronic fund transfer phone – banking, credit card, debit card,
internet banking etc.
12. Electronic
Clearing Services (ECS) : It is non – paper based movement of funds. It
consists of Electronic Credit Clearing and Electronic Debit Clearing.
CONCLUSION : As
banks are expanding in to virtual banking, supervision and audit will have to
be strengthened. Banks will have to pay greater attention to fool proof
security arrangements and systems to safeguard against frauds.
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