Advantages And Disadvantages Of The Use Of ICT In Banking

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Advantages And Disadvantages Of The Use Of ICT In Banking

Facilities That Have Improved Due To ICT

Due to ICT people can now pay for goods using not only cash but plastic cards, cheques and direct debit cards. Smart cards can also be used to pay for goods over the internet.

A person can now bank from home using the telephone or internet or even through their mobile phones. A person also no longer needs to go to the bank to take out money. Cash machines mean that people can take out money without having to visit the bank.

Cheques have also changed due to ICT. Cheques can now be cleared easier and quicker through the use of Magnetic Ink Character Recognition (MICR).

Advantages Of The Use Of ICT

Improvement

Advantage

Disadvantage

Banking can be done from home through the use of the internet or telephone.

This is an advantage for the bank because less paper is used and therefore paper costs decrease. It also means less storage space is needed because fewer people will use the bank and therefore fewer employees and staff are needed.

This benefits the