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Advantages And Disadvantages Of The Use Of ICT In Banking

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Introduction

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. ...read more.

Middle

High levels of security are needed at the bank. Also with internet banking hackers can still break into a persons account. Customers also need to have firewalls and virus checks on their own computers. Some people may prefer the 'personal touch' instead of using a machine. ATMs ATMs mean that banks require fewer employees as fewer cashiers are needed and they offer a 24 hour service (- this is an advantage as banking has become competitive). ATMs are an advantage for customers as they let the person get to their cash quickly when and where they need it. It also allows them to check the balance and print off statements instead of having to wait for their monthly statement to be delivered. ...read more.

Conclusion

Also the MICR number is difficult to forge and can be read even if the cheque is damaged or the characters have been overwritten. The MICR can be altered. The use of plastic cards such as debit cards, credit cards etc. People do not need to carry cash around. People can also pay for goods over the internet using credit cards. It also means that highly priced goods can be paid for electronically instead of with cash which saves the person from having to visit the bank or go to an ATM, or carry around a lot of money Cards can be lost or stolen. They can also be copied although it is difficult to do this because of a small hologram on the cards. They use of plastic cards also causes pollution due to the difficulty of their disposal. Sabina Begum 1 ...read more.

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