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Using illustrations and examples, write on the contribution of ICT in banking firms.

ICT-Information Communication Technology involves innovations in microelectronics, computing (Hardware and Software), telecommunications and optoelectronics-miroprocessors, semiconductors, fiber optics. These innovations enable the processing and storage of enormous amounts of information, along with rapid distribution of information through communication networks. Illustrations and examples on the contribution of ICT in banking firms are: 1. Ancillary equipment such as Automated teller machine and debit cards. It is term that generally covers the harnessing of electronics technology for the information needs of a business at al level. ICT has provided selfprospection customers can complete their account opening service facilities (automated Customer Service machines) from where documents direct on line. It assists customers to indicate their account numbers and receive instruction on when and how to receive to their cheque-books, credit and debit cards. 2. Automated Delivery channels: These include interactive television and internet. Electronic banking has tremendously improved the services of some banks to their customers. Home and office banking services, ensures convenient business hour, prompt and fair attention, and enhances faster services. The adoption of ICT improves the bank image and leads to a wider, faster and more efficient market. It has also made work easier and more interesting, improves the competitive edge of banks. 3. Bankers Automated clearing services: This involves the use of Magnetic Ink Character Reader (MICR) for cheque processing. It is Capable of encoding, reading and sorting cheques.Therefore, MICR has really facilitated the life of the workers working in the bank. This has proved to be very useful. 4. Electronic Funds Transfer (Smart Card): It is the electronic exchange Or transfer of money from one bank account to another. It is used for both credit transfer, such as payrolls payments, and for debit transfer such as mortgage payments. The growing popularity for Electronic Funds Transfer for online bill payment is paving the way for a paperless converse where checks, stamps,envelops and paper bills are obsolete. The benefits of Electronic Funds Transfer include reduce administrative costs,efficiency,simplifies bookkeeping and great security.

5. Electronic Data Interchange:Electronic Data Interchange is the structured Transmission of data between organizations by electronic means. IT is used to transfer electronic documents or business data from one computer system to another one. Electronic Data Interchange implies direct computer to computer transaction into vendors database and ordering systems.