Banking in the Present Day Essay

Banking in the Present Day Essay

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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 ...

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.

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