Banking in the Present Day Essay

Banking in the Present Day Essay

Length: 2421 words (6.9 double-spaced pages)

Rating: Research Papers

Open Document

Essay Preview


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.


Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Internet Banking Essay

- Internet Banking In the days of virtualisation where working mothers and travelling sales-team prefer to use flexi-time and remote jobs profile; Internet is being adopted as a parallel medium of communication, transaction, and social networking. Internet banking is fast gaining momentum across the globe for its convenience and ease of conducting transactions at a speed and service levels never dreamt of, a decade ago. In-spite of its multiple advantages, there is a need to step back and re-think on perceptions it carries with the masses....   [tags: Internet Global Finance Banking]

Free Essays
1396 words (4 pages)

Banking: Merging and Acquisitions Essay

- Consolidation in the Banking Industry through Mergers and Acquisitions Banking scenario since 1991 has been a process of transformation and consolidation. With financial sector reforms implementation, the microenvironment of banking sector has undergone a radical change. Almost all insulations to commercial banking have been peeled off and it has been susceptible to all types of exposures now. There has been paradigm shift in operational, functional, environmental, technological spheres. The reforms emphasised the “commercial character” of the banking system and helped the banks to stand on a firm footing....   [tags: essays research papers]

Free Essays
7966 words (22.8 pages)

The Banking Industry Essay example

- Banking In addition to the myriad of career options that exist in the world, there are issues that present complications for professionals in those fields. As a Christian, it’s essential to develop a biblically appropriate approach in response to the various issues that manifest themselves in the professional world. The banking industry is an example of a career with manifest issues. Banking is the heart of every modern society’s economy, and cannot appropriately function without bankers, who control the ebb and flow of a nation’s currency, and therefore must appropriately handle the issues that arise....   [tags: bankers, professional officers, markets]

Research Papers
915 words (2.6 pages)

Internat Banking Systems Essay

- Today Information Technology revolutionized our life almost in every filed. One of among several blessing of information technology is Internet Banking services that brings ease and comfort for our banking activities. Over few years Internet Banking has evolved as convenient, self-serviced technology, cost-reducing and time saving channel. Internet banking is available 24x7 across geographies. Users of internet banking are increasing day by day since few years all over the world. In present hyper competitive environment internet banking works as a competitive differentiator among banks....   [tags: Technology, Transactions, India]

Research Papers
1348 words (3.9 pages)

The New Trend of Online Banking Essay

- The New Trend of Online Banking Picture what our bank looks like today: the brick building, the drive thru window, large vaults, and the counter full of tellers waiting to service their customers. This is the traditional bank that we have all grown up with, the classic brick-and-mortar business model, a fundamentally sound business model that has been successful for hundreds of years. So what has changed with our banks today. Well, the brick-and-mortar model still exists but there is a new trend that all banks are moving towards, the click-and-brick e-business model....   [tags: Papers]

Research Papers
1165 words (3.3 pages)

Essay about Rise And Fall Of Internet Banking

- Would you trust your money with an electronic banking system. If you had a million dollars to move from one account into another account would you trust the click of a button or would you prefer to go into your bank and personally interface with a client service representative. These are some of the questions that people consider when their bank begins to advertise internet banking services. Although the ability to transact business and perform transactions with your bank online has been around as far back as 1998 the general public is not as enthusiastic as most bankers would like them to be....   [tags: Finance]

Free Essays
1529 words (4.4 pages)

Analysis Of Paulo Chavez 's ' The ' Banking ' Concept Of Education Essay

- Paulo Friere’s essay “The ‘Banking’ concept of education” is a short passage from his book "Pedagogy of the Oppressed" that explains the two primary types of education that exist according to Friere. Friere describes the two types of educating as the banking concept, which is briefly described as the transfer of the knowledgeable teacher, to the ignorant student "Education thus becomes an act of depositing, in which the students are the depositories and the teacher is the depositor." (Friere 1), and the problem-poser, which he describes as two way communication in which the students and teacher both teach and learn from one another "Through dialogue, the teacher-of-the-students and the stude...   [tags: Dead Poets Society, Education, Teacher, School]

Research Papers
1390 words (4 pages)

Careers In Investment Banking Essay

- Careers in Investment Banking A career in the securities industry can offer exciting work if you enjoy working in a competitive and demanding atmosphere. Investment bankers, stock brokers, and stock traders all make up the securities industry providing services to each other, as well as the general public. All of people involved in this field deal with stocks, bonds, and other financial material in some way or another, but they all have their own specific objectives and duties. The primary differences between the three are the services they provide and who they provide these services to....   [tags: essays research papers]

Research Papers
1121 words (3.2 pages)

Essay on The Merger Between Wells Fargo and Wachovia Bank

- It is proper to present a business definition of merger as it found on legal reference with the ultimate goal in the pursuing of an explanation on which this paper intents to present. A merger in accordance with the textbook is legally defined as a contractual and statuary process in which the (surviving corporation) acquires all the assets and liabilities of another corporation (the merged corporation). The definition go even farther to involve and clarify about what happen to shares by explaining the following; “the shareholders of the merged corporation either are paid for their share or receive the shares of the surviving corporation”....   [tags: business, finance, banking]

Research Papers
2033 words (5.8 pages)

An Argument Against Citigroup in China Essay example

- An Argument Against Citigroup in China Chinese regulations have historically limited the operations of foreign banks, but with the entry of China into the World Trade Organization (WTO), that is all slated to change- in theory....   [tags: International Business Banking]

Research Papers
1156 words (3.3 pages)