Role of Information Technology in the Banking Industry

Technology in Banking:

• Opened new markets, new products, new services, and efficient delivery channels in the banking industry (i.e. online electronic banking, mobile banking, internet banking)

• Has increased the speed and reliability of financial operations and of initiatives to strengthen the banking sector

• Increased financial activity across the globe

• Able to meet more demanding and techno-savvy customers

Technology in Banking:

• Facilitates the introduction of new delivery channels: • ATMs,• Net Banking,• Mobile Banking, and the like.

Top 10 Technologies in Banking:

• Mobile Banking• Mobile Payments• Mobile Person-to-Person Payments—

making electronic payments from one person to another

• Mobile Remote Deposit--customers using their mobile phones to take pictures of checks and send them electronically for deposit

• Social Media—creating a blog, twitter, and Facebook presence with customers

Top 10 Technologies in Banking (cont’d):

• Personal Financial Management—online software that helps customers become more aware of their spending habits and manage them better

• Reward Checking—customers receive an interest rate bonus for using their debit card, bill pay, direct deposit, and e-statements features of the bank

• Small Business Banking—allowing them to do business anywhere online

• Anti-Fraud & Security