Information and communications technology has played a significant role in banking over the years. In fact ICT has made the banking industry more competitive. ICT allows the banks to cater to the needs of customers by strengthening their internal control systems which are then backed by effective communications mechanisms. Widespread use of ATMs, Internet banking, phone banking, 24/7 services, plus the ability to offer an expanded portfolio of products and services have enabled banks to improve their service to customers. ATMs were one of the first significant improvements in technology as they gave banking customers greater access to their cash. Now they no longer had to queue up in banks to obtain their money, and could do so at whatever time of day they desired, as cash machines are available 24 hours a day, seven days a week. The rise of Internet and phone banking has made banking even more convenient. Customers can now check their balance and pay bills online without having to leave the comfort of their own home. Customers can also take out an overdraft, apply for loans and credit cards and access a number of pages offering advice on saving and protecting yourself from card fraud. It is also enables customers to keep a real-time track on their finances and enables banks to offer services which can help customers to manage their money and see more clearly what their incomes and outgoings are. Phone banking enables you to talk to an advisor and resolve any urgent issues in a quick and efficient manner. Banks have taken advantage of ICT developments by offering more products, such as online savings accounts. They can also implement offers exclusively for their online customers, offering in some cases better deals on insurance and credit cards compared to those who bank in branch.
Information and Communications Technology play an important role in the development of banking industry. In fact ICT has made the banking sector more competitive because of advancements of information and communications technologies. ICT allows the banks to effectively cater to the needs of the consumers by strengthening internal control systems which are backed by the effective communications mechanisms. The wide spread use of smart cards, ATMs, mobile banking, electronic banking, telephone banking, twenty four hours service, the overall quality of services, expanded portfolio of products and services, better customer relationship management with the use of advanced tools and variety of products has enabled banks to better serve their customers with the advent of ICT.
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