What Is The Role Of ICT In The Banking Industry?

ICT is information and communication technology; increasingly, this sort of ICT is vital to the banking industry, because it allows account holders to do banking online, as well as contact customer service support team members from mobile communication devices, or their home computers.

Information About ICT And Banking

• Today, any bank that doesn't offer the very latest in information and communication technology is bound to lag behind; customers are used to the pace of the "digital" business world, and they expect a certain standard of compatibility between their online banking services and their laptops, home PC's, Macs, iPhones and so on. For this reason, banks have had to step up and move into the hottest new information and communication technology.

• A bank's IT department will have their hands full as they attempt to balance the obvious privacy concerns of doing online banking with the need for fast connections, instant service and quick transactions.

• Marketing a bank's services on the Internet has also become an important part of advertising campaigns. Since so many people spend their time on the Web, instead of watching television, marketing for communication devices, such as the iPad or netbooks, is becoming the norm for almost every financial institution.

Banking has changed immeasurable in the last few decades; before, clients were forced to wait in long lineups at banks to get cash, make deposits, and check their bank balances. Now, all of those services are generally available through ATMs, and other information and communication devices.

Most customers love the flexibility of online banking and other modern services; however, there may be some who prefer to never expose their banking information online, as they fear hackers, phishing scams, and other violations of their privacy. For people like this, old-fashioned banking may feel safer and more secure.

ICT has made inter bank and interstate banking transaction possible.