Technology, the practical application of scientific understanding and knowledge in our daily lives or industries, has a significant role in the finance sector. This sector involves managing large amounts of money in banks, companies, and government entities. Within finance, there are emerging trends in financial technology that aim to enhance efficiency and consistency. Among these developments is core banking solutions, which have revolutionized both banking and finance. This system offers defined and customer-centric solutions that enable banks to provide 24/7 customer service.
The system offers support for various corporate banking activities and delivery channels from a centralized location. Core banking solution (CBS) has provided stability in the finance industry. Many financial institutions, including banks, have adopted core banking. The finance sector has embraced new technologies such as internet banking, card banking, telebanking, an
...d mobile banking (Glennan 76). Around 90% of the public and private finance sectors have computerized and updated their systems with core banking software. The advanced technology supported by core software includes credit cards, debit cards, automated teller machines (ATM), electronic fund transfer (EFT), and telebanking.
According to Bates (129), a credit card is a card that allows the holder to borrow money up to a certain limit and has a grace period where no interest is charged. However, if payment is not made within this grace period, interest will accumulate. In contrast, a debit card is a prepaid card that directly deducts funds from an individual's savings account. Banks use automated teller machines (ATMs) to facilitate transactions and enhance customer convenience.
ATMs enable customers to withdraw or deposit funds and a Local Area Network (LAN) has been established in various locations to facilitate ATM
transactions. Many banks and financial institutions have automated their cheque processing with the use of electronic equipment and computer networks. Electronic funds transfer (EFT) simplifies money transfers between accounts (Glennan 89). EFT also enables customers to make direct deposits and pay bills online. Telebanking is a technology that permits financial transactions to be conducted via mobile devices.
Customers can access their accounts through phone services by providing their personal identification number to the bank, which is a highly effective and user-friendly method. On the other hand, internet banking utilizes the internet to offer customers banking products and services, resulting in improved customer access, loyalty, and an increase in new customers. Internet banking can be performed using a computer and internet connection.
The system is updated automatically after every transaction, and net banking allows for multiple transactions and inquiries. Net banking offers a variety of financial services including statement requests, cheque status inquiries, and fixed deposit inquiries. Mobile banking has revolutionized and stabilized the e-banking system. It is now considered the future delivery channel (Bates 77).
The use of technology in the finance sector offers convenience and portability. The introduction of database management system (DBMS) technology has revolutionized banking and finance through automated and accurate transaction processing. Technology has greatly simplified the traditional system of money transactions in banks and financial institutions today. The success of the financial sector is heavily dependent on suitable technology. Moving forward, advancements in technology are expected to further enhance simplicity and convenience for users in the finance industry.
Works Cited
- Bates, Anthony W. Managing Technological Change: Strategies for College and University Leaders. The Jossey-Bass Higher and Adult Education Series. Jossey-Bass Publishers, 350 Sansome St., San
Francisco, CA 94104, 2009.
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