Banking in the Present Day

2421 Words5 Pages
bulb-icon

Recommended: The banking concept

When going to the bank or any other financial institution people do their business of deposits, withdrawals, and transactions often without even thinking about how it all happens and how it works. Actually there is a very complex and interesting process behind it all. Some people think everything is done on paper and mailed from place to place. This is not true anymore. Most of the banking process is now done electronically. Present day Banks, Credit Unions, and other financial institutions utilize technological advances to store and process customer data; this impacts customer service, data security, transactions, and the way the financial institution operates.

When first banks in the US opened back at the end of 18th century no one could have imagined that everything is done the way it is today. Banks of the 18th and 19th century are already considered modern banks, however, the technology keeps advancing and the industry keeps changing. “Every technological stride the banking industry has made over the last few decades is part of a general effort to make banking more convenient, manageable and secure.” (Malone). When 18th century banks were fully functional all the transactions were done with physical money such as notes and coins. Everything was recorded in books and kept in a safe place by the person that ran the bank. This did not provide good enough security however. Once computers came along people stored information on them and transactions became more secure because of passwords and many other security features. People stopped using cash and moved towards checks and electronic money. All of this was made possible by the advances in technology.

Technology is constantly advancing and improving many factors of the ba...

... middle of paper ...

...2014.

Jepson, Kevin. "Mass. CU Touts Relationship With Member-Owned Firm." Credit Union Journal 21 July 2003: 8. General OneFile. Web. 22 Oct. 2013.

Malone, David. "Technology's impact on the banking world." San Fernando Valley Business Journal 24 May 2010: 57+. General OneFile. Web. 7 Feb. 2014.

Swann, James. "Moving ahead with check image exchange: one bank's story." Community Banker Sept. 2005: 62. General OneFile. Web. 8 Oct. 2013.

Wolfe, Daniel. "COCC Uses mFoundry for Mobile Service." American Banker 29 Mar. 2011: 10. General OneFile. Web. 9 Feb. 2014.

"COCC Teams with ORCC to Deliver Next Level Integration for Digital Banking Services." Professional Services Close-Up 25 Feb. 2013. Business Economics and Theory Collection. Web. 8 Oct. 2013.

"Technology shapes the future of banking." Community Banker Dec. 2003: 58+. General OneFile. Web. 22 Oct. 2013.

Show More
Related

  • The American Banking System from 1800-1810

    3640 Words  | 8 Pages

    Foner, Eric., Garraty, John A (eds) “Banking” The Reader’s Companion to American History, Houghton Mifflin: New York, 1991., pg. 191

    Read More

  • Social Security and Corporate Welfare

    4037 Words  | 9 Pages

    6.Brian A. Johnson, John H. Ott, Jack M. Stephenson, Paal K. Weberg. Banking on multimedia. The McKinsey Quarterly 1995.

    Read More

  • JP Morgan Chase Bank

    1808 Words  | 4 Pages

    JPMorgan Chase is one of the largest and best known banks in the banking industry. JP Morgan Chase is a global financial service firm with operations in over 50 countries. With a CEO who is known as one of the banking industries top leaders it is obvious why they are in the top 10 of the fortune 500. Although JP Morgan Chase bank is one of the leaders in the industry I believe they are a long way away from being the most innovative bank around. Banks can be one of the most targeted locations for robberies which is why I find it important for them to protect their customers and themselves. Utilizing computerized bankers would be a good start to safety within their branches. Money should not be kept on the floor of any bank to avoid unnecessary situations.

    Read More

  • Summary Of The Banking Concept Of Education

    1544 Words  | 4 Pages

    One topic that is widely debated today is education and how well children are being taught. Education is a difficult thing to improve because every child learns differently. So how do we create a system to fit everyone's needs? A man named Paulo Freire studied the educational system and points out the systems flaws in his essay,”The ‘Banking’ Concept of Education” in which he explains how children are being taught and proposes a better method. Mike Rose, in his essay,”I Just Wanna Be Average” explains in detail his experiences and the problems he sees in the school system. Both passages look closely at the educational system whether it be through research studies or personal experiences.

    Read More

  • Summary Of The Banking Concept Of Education

    1155 Words  | 3 Pages

    In Paulo Freire’s essay “The Banking Concept of Education” he talks about how in education there is no conversation between the teachers/professors and their students. In this essay there are a few points I do disagree with, such as that there are some class in which there cannot really be any conversation or discussion, for example mathematics cannot be disproven because there are theorems and concrete facts, so teachers and professors have to teach for memorization. Another reason I disagree with Freire’s way teaching is because in the banking concept Freire is against when teachers are just telling students things and they are regurgitating them, but some students learn better using memorization for learning in the class room and also when studying. The next point I disagree with in Freire’s essay is he doesn’t really look at it from the teachers stand point, because in the United States at least the teachers are now forced to only teach certain points in their subject because of all the standardize testing that they now have in place, specifically grade school. The last thing in Freire’s essay that I disagree with is how he seems to kind of put down teachers.

    Read More

  • The Federal Reserve System

    2337 Words  | 5 Pages

    Even before the creation of the Federal Reserve, banks were used by the public just as we use them today. Deposits were made into savings accounts. Loans were taken out to mortgage a home or finance a new business. Banknotes were issued and spent when the public borrowed from the banks. Borrowers spent these banknotes just as paper money is spent today. These bank notes were valued as money since they were backed by the promise that they would be exchanged on demand for either gold or silver.

    Read More

  • The Bank of Canada

    1518 Words  | 4 Pages

    Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.

    Read More

  • The Internet Banking Project In Industrial And Commercial Bank Of China (Shanghai)

    1047 Words  | 3 Pages

    Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.

    Read More

  • Offshore Banking

    3701 Words  | 8 Pages

    This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...

    Read More

  • The Impact of Technology on Business

    1185 Words  | 3 Pages

    Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...

    Read More

  • The History of Money and Banking

    1178 Words  | 3 Pages

    The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.

    Read More

  • The Future of Our Money

    2427 Words  | 5 Pages

    The invention of money is perhaps one of the greatest achievements of human civilization. From the very beginning of society, people have used money to circumvent the difficulties of bartering and to foster trade and commerce. Since then, money has come a long way. No longer do we need to rely on silver coins, cocoa beans, or even anything of intrinsic value to conduct our business; today, we use paper currency, which is convenient and easy to carry around. But slowly, we are moving into the digital age of money, an age in which less of our money is actually tangible and more of it is just data on a computer server. To some, this prospect may seem daunting. However, given the major advantages of electronic money over outmoded paper counterpart, society as a whole should embrace the upcoming era of digital money.

    Read More

  • Banking and Finance

    1013 Words  | 3 Pages

    Never have I ever climbed a mountain peak. As a child, I imagined myself conducting expeditions in deep-frozen pathways, leading amateur explorers to the top of the world, and instructing rookies in surviving harsh blizzards. Even though slightly altered, my childhood dream has been achieved. I led a team of fellow classmates, in my Strategic Management course, to the success summit of a financial competition. Over the course of a semester, I and my teammates were supposed to create and manage a company of the IT industry, in a computer-simulated environment, along with other four rival teams. I dealt with strategy and financial matters of our virtual enterprise, while my colleagues were working on marketing and manufacturing. During the four months of the exercise, I have experienced finance from various aspects: capital budgeting, through selecting favorable investment for upcoming quarters; debt management, by assessing the necessary amount and efficiency of loans; profitability analysis and dividend policy, which had been used to compile the company’s general performance index. Working in a multinational team, which included an American, a Norwegian and a Moldovan, strengthen my negotiations skills, as well as flexibility and cooperation. But above all, this experience intensified my passion for finance. Of course, a pleasant bonus was the fact that, in the end, our company’s financial performance was six times the performance of second-best team.

    Read More

  • The Traditional Theory of Banking

    3883 Words  | 8 Pages

    This is followed in section 5 by an analysis of the recent changes in the banking industry. With the development of the financial system, declining entry barriers and the deregulation of the banking industry make banks no longer the monopoly suppliers of banking services and reduce their comparative advantages which they usually hold in the past. Whether the reasons give rise to the existence of banks are still powerful will be examined here, while section 6 offers a way of considering whether banks are declining by looking at the value added by the banks. When the value added by banks is examined, banks are not a financial intermediation, which not only conduct the traditional services but also provide more diversified

    Read More

  • The Negative Impact Of Computer Technology And Its Impact On Globalization

    1141 Words  | 3 Pages

    Mary Lou Hurler in her article shows that about 37 millions of Americans use online banking services. With this “new” technology people are able to access to their money 24/7 and no need to wait to see a teller. With online banking customers are able to pay their bills: even when they are traveling: without receiving late payment fees. It also allows people to send money when and where they need without writing personal check and using postal stamp. Technology such as an online banking changed people daily lives. It gave people opportunity to deposit their checks right from their home without traveling to the bank and waiting in the lines. With this kind of service customer need to take the picture of the check and do direct deposit to the bank

    Read More

More about Banking in the Present Day

Open Document