Importance of ICT in Banking Sector

Everyone in this mundane earth has to keep in mind that we all always have to keep pace with the time or otherwise we will stumble in the way of life. Its true for each and every portion of our life. Our banking sector is also not an exception of the rule. So our backdated banking system is getting updated now. It has come into the light of ICT (Information and Communication Technology) and become much more evolved and modernized.

There are many positive aspects of ICT in banking sector. All these aspects can be sub-divided into three clusters. They are-

1. For the customers.
2. For the banks.
3. For the employees.

These are discussed below:

For the Customers

1. Any customer can log into his / her own specified self-inquiry terminal and check out the transactions that are made from that account.
2. They can check their account balance from their home or workplace with the aid of their mobiles.
3. Remote banking is another facility that we have got through the process of ICT. With the aid of this a customer can review his account from anywhere of the world.
4. Because of the magical touch of ICT we are getting banking facility 24/7. Installation of Automated Teller Machines in short ATMs has gifted us the power of withdrawing our cash at any time we need. Also we can cash out remittances from them easily and it is risk free as well.
5. We can use our bank accounts to recharge our mobile balance.
6. We can use online facilities of the banks to perform online shopping.
7. Customers are now aided with a Graphical User Interface (GUI) based software for their computer or mobile so that they can control their bank accounts very swiftly and easily.

For the Banks

1. During the last decade banks have used ICT in different spheres and have introduced various instruments to modernize the banking system.
2. Because of the introduction of ICT now we can inquire about almost each and every question from their website and that helps businessmen to decide which type of scheme they should go for.
3. As it is a seamless procedure there is no delay between the question and answer and so it is now friendly for quick decision making.
4. Creating a report or an annual summary of a fiscal year is really enjoyable with the help of MS excel or any other spreadsheet software. Which was used to be a lengthy and time consuming procedure is now a very easy and swift procedure.
5. Each and every banks are now inter-connected because of development of information technology that are being made in our banking sector. And thus our investment sector is getting loans and sanctions in time which is helping our nation in its way to development.

For the Employees

1. Employees specially private bank employees have to ensure that specific reports, datasheets, annual reports are submitted on time. ICT sector has introduced spreadsheet softwares, programming softwares, presentation softwares and so on so that they can ensure it.
2. Banking sector is largely dependent on printing as they have to print deposit books, cheque books, pass books, pass sheets, schedule books etc. Automatic printing machine is just like a blessing for them.
3. Signatures are now verified by machines so forgery or that sort of crimes are decreasing day by day.
4. Cheques are verified by MICR (Magnetic Ink Character Recognition) and so cheque forgery is also prohibited.

Thus banking sector has become up-to-dated and user friendly.