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ICT in Banking.

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Introduction

ICT in Banking Banks have been around for hundreds of years, but it is only recently (in the 1950's) that computers have begun to change the ways that banks operate. Today all major high street banks, such as Abbey National, Barclays and HSBC, use ICT in a variety of ways, to help them compete with each other and make their businesses more successful. Banks store all their customers account details on computers. This allows them to easily find out account information on their customers, and make changes to their account balance easily, for things such as when money is put in and withdrawn from the bank. One of the oldest forms of transferring money from one account to another is by a cheque. A customer who holds a bank account can write out a cheque, telling their bank to pay the amount specified to the person specified. Each cheque has on it the following - A Sort Code - which identifies the bank and its branch. ...read more.

Middle

If the PIN is correct for the account number then the customer will be allowed access to their money. Internet banking is now used worldwide and allows people to control their money over the internet. It allows customers view their balance, transfer money to other accounts, pay bills and order new cheque books. Internet banking is both an advantage to the bank and the customer. It is more convenient for the customer as they can have more control over their money more easily from home, and at any time of the day. It is an advantage to the bank as it allows them to do business 24 hours a day with less money spent on bank employees, who are unnecessary as there are less customers to deal with directly. With a lot of money being involved internet banking has to be made very secure. Before money can be accessed for transaction to be made customers have to type in their details, their pin-number and their password. ...read more.

Conclusion

If a customer wanted more cash on their card then they could go to the bank or use a special phone. This is a possible method in the future of withdrawing cash at home - withdrawing it onto a smart card. Smart cards can be used for other things as well. Today, smart cards are used as telephone cards where credits can be added to / deducted from the chip. They are also used for mobile phones to store information about the customer's phone number and account and their own personal telephone directory of about 100 names and numbers - the card could be used in somebody else's phone. In the future, Smart Cards could be used to store all sorts of information, like a person's medical details in case of emergency (eg allergies, medication taken) and a person's address etc. People are concerned however that this could mean they lose a lot of their privacy / confidentiality and are also concerned about what would happen if the card was lost. ...read more.

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