What Is The Role Of ICT In Banking?


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Connor Sephton answered
ICT, otherwise known as information and communications technology has a huge role in banking and is an integral and fundamental part of their efficiency and effectiveness.

ICT has meant that banks have become more customer friendly by catering to their needs in a way that makes dealing with finances an easier experience. Instances of this are ATMs (also known as cash machines and a 'hole in the wall'), telephone banking, Internet banking and being able to offer products and services that once upon a time meant paying a visit to the bank manager and was often a time consuming and nerve wracking experience.

ICT means that customers are able to access their accounts at any time of the day and night, which is a vastly better experience than previously and goes some way towards countering the criticism that banks were unavailable to many because they opened and close within working hours.

It also means that customers can check their accounts in real time as opposed to the account being over a week out of date by the time a statement has arrived, and that standing orders, direct debits and money transfers can be arranged quickly and without any fuss.
Phone banking means that if there are any issues that cannot be resolved by using the Internet and you want to speak to any advisor (again at a time that suits you rather than between the very limited times of 9.30am and 3.30pm), you can do.

ICT within the banking industry means that customers are made aware of the services and products that banks have to offer far more easily. This means that more customers can take advantage of them and so the whole banking cycle becomes more competitive and better for the consumer.

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