The Internet Industry If there is one industry that has the stigma of being old and boring, it would have to be banking; however, a global trend of deregulation has opened up many new businesses to the banks. Coupling that with technological developments like internet banking and ATMsthe banking industry is obviously trying its hardest to shed its lackluster image.
The Usage of IT in The Banking Industry Information technology has dramatically changed the way banking is done over the last 15 years or so.
National Debit Card network was introduced in First full service virtual bank came into being in Most recently voice recognition banking has begun to emerge in the Canadian business scene.
One of the enabler of this Information technology revolution in Canadian financial service industry is Automated Teller Machine, which is essentially a date terminal with two input and four output devices.
The two input devices are Keypad and card reader. The four output devices are speakers, display screen, receipt printer, and cash dispenser. The user inserts the card in the card reader and key in the PIN number via the keypad. The receipt printer prints the receipt and the cash dispenser ejects the cash out.
All the operations are displayed on the screen along with the instructions to carry out the necessary steps. Like any other data terminal ATM has to connect and communicate through a host processor, which acts as a gateway.
ATMs are connected to the host processor via leased telephone lines or dial up connections. Leased telephone lines have higher date rate transfer and are preferred at high transaction volume places. Banks themselves or independent service providers may be the owners of the host processors.
Security is the biggest issue of the transactions done electronically. ATM technology is turning to Biometrics to reduce the probability of the identity theft. The word 'biometric' means to measure life and to recognize an individual biometrics employs a biological trait unique to that person.
The traits can be finger prints, iris patterns, retinal scans. For a biometric system to work first of all the individuals have to provide the samples of the unique trait such as finger prints to the organization planning to run the system.
This voluntary deposit of the samples can be a hurdle in the setting up of the system because some individuals may not like the idea of handing over their finger prints to some organization. Once the samples of the unique character are collected, they are arranged in a data base.
The finger print will be processed in a manner similar to the verification of the PIN.
So the systems based on finger prints are gaining acceptance while the use of face recognition system awaits the improvement in information technology.
Bancafe Bank of Colombia has installed finger prints recognition system on three-quarter of its ATMs. Progress and convergence in the fields of Information Technology, Genomics, Nanotechnolgy, Robotics may disrupt every industry and may indeed redefine the humanity in the long run.
In such environment the network of powerful hand held devices will mean that there may not be any need of carrying debit cards or credit cards and money may change ownership on the networks without any ATMs.The rising significance of blockchain in banking sector has the potential to revolutionize the banking industry.
Blockchain technology offers a comprehensive and flawless solution for the banking industry and will be the talk of the town in coming years.
10 Use Cases of RPA in Banking Industry - Several processes within a bank have benefited from RPA, allowing the teams to focus on engaging with the clients and growing business.
Some of these processes include the following use cases. US Army Corps of Engineers Home Library Advanced Search Library Advanced Search.
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Gone are the days of standing in long queues at the bank and filling out paperwork to access general banking services. Whether it’s an ATM transaction or online banking, we are behind the scenes, helping to make transactions fast and secure.