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.
... to service our current needs. It is also important that they are committed to the ongoing investment in technology required to deliver the securities, cash and investment management support services we require. The Bank of New York is a well-established financial institution that has outlasted numerous financial hardships, including the Great Depression. It has a long history of providing excellent services to its customers. In the present day, The Bank of New York continues to live up to that reputation by offering its customers a variety of financial services. The future can only get better for the Bank of New York. With the technological era in full swing, the Bank of New York is taking full advantage by specializing in technological securities. In conclusion, The Bank if New York is a historical financial institution that played an important role in the economic growth of the United States. No other bank can say that it has done as much for the United States as has done the Bank of New York.
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.
A weakness of the bank is the fact that it did not invest in higher technology for its banking system. The bank was running off an old school server system where a Teller would have to put in a three-digit code to do any transaction for its customers and this was a very out dated practice that almost no larger banking organizations used. Money orders and cashier checks were also printed in an out dated traditional type of printers with ribbons and manual mechanisms. Other banking competitors had adjusted to a
6.Brian A. Johnson, John H. Ott, Jack M. Stephenson, Paal K. Weberg. Banking on multimedia. The McKinsey Quarterly 1995.
This case discusses a crisis at the Royal Bank of Canada (RBC) that occurred on May 31, 2004. The crises involved a programming change to a vital piece of banking software. An incorrect change to the code led to the failure of the bank’s programs which in turn led to customers that could not check account balances, customers (and non-customers) that did not receive paychecks, automatic payments and bank transfers that were delayed, and duplicate transactions.
Wells Fargo Bank. (2014). Wells Fargo team member handbook – January 2014. Retrieved from http://teamworks.wellsfargo.com/handbook/HB_Online.pdf
With the machine-led branches becoming more popular banks can now cut extreme costs with the machines. They no longer need many employees, a space to rent or buy, and they can be open 24/7. They also are attracting new customers because the customers can interact fast with a machine than a bank teller. I believe that the bank industry is definitely taking the right initiatives to start with automated banking. For myself I only use electronic banking ever since I set up my bank account. Everyone uses plastic cards or phones now to pay for everything, I believe that banks need to follow the trend and be able to provide new innovative services for the consumers. I suggest that banks have more cyber security measures inline or monitoring so that customers can be assured that their information and bank accounts are secured. I suggest to myself to get more involved with digital banking, because it is going to be more easier and faster with online
Technology advancements have led to speed, convenience, efficiency and cheaper methods of conducting banking. All service industries rely in essential technologies to provide their core service, banking industry is one of them. Banking industry uses technology as their tool to supplement their core service. They serve the clients using the telecommunications and computer
Investor Guide. Overview of online Banking and Related issues. InvestorGuide.com Network. Jan. 2011. Web. 11 March 2011.
Almost every process of day to day life is controlled by computers and the banking sector is one of them. Every bank has adopted computer integrated systems to make their process easier and it does. Minor computer malfunctions causes major glitch to banks as the complete system is depended on computer and software. We can take the example of latest computer crisis faced by Royal Bank of Scotland (RBS). This system failure caused major damages and millions of customers faced difficulties to access their account, all this happened because of inexperienced operator in India as per the reports.
During our February 3 meeting, upper level management expressed concerns about not being able to deal with customer accounts online. We discussed some of the problems they encounter when trying to process transactions online. We agreed some changes needed to be made and that new technology needs to be researched for our online business transactions. The use of electronic signatures was at the top of our list.
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.
4) In the occasion that banks require more cash, they basically print progressively or summon more digits in their electronic records. This system is viable abused and gamed by banks since paper money is fundamentally paper checks with a certification to have regard, with no genuine physical gold off camera to back those
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
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)