THE ROLE OF INFORMATION TECHNOLOGY IN THE BANKING SYSTEM
Information technology has been an integral part of banking system since almost four decades. Since the arrival of internet technology, banking system has taken a new shape and style with a blend of convenience and satisfaction. Banking from a customer’s bedroom, office or anywhere in the world has made its way into banking system with the advent of internet technology. Information technology has always helped the banking industry to serve its customers in a better way. To explain few examples, direct deposit is a method where the employer’s bank communicates directly with the employee’s bank. This is only possible with the help of information technology. This direct deposit feature saves an employee time to cash his paycheck every fortnight or every month.
This feature is safe, fast and has no hazels. One more service that an online bank could provide its customer in online loan application. Filling out the documents and comparing options and waiting for approval is a time consuming process. Through the internet, this process is made much easier and sometimes the approval is made within minutes. This explains an efficient way of banking and saves time and money to a customer. The Role of Information Technology in the Banking System