Accounting assignment on: Banking
Banking refers to a system or a business activity which helps to accept as well as safeguard money which is owned by the individuals & lend it to the outside investors so as to earn profit. Banking has helped to adapt the changing circumstances within a given economy. There are various technologies which have been used in the banking industry & have led to an innovative banking (Goyal & Joshi, 2012). Some of the technologies used are e-mail banking, mobile banking, internet banking, sales tracking software, credit scoring, use of the CCTV, tele banking, provide smart cards (credit & debit cards) to its customers, internet banking home page & electronic bill presentment.
There are various ways which has helped in innovating of the customers in regards to banking. There are basically four ways which has helped in innovative thinking about banking. They are convenience, personal, mobility & comfortable ways. With different types of technologies used in banking, the entire industry has changed in a better manner (Dulawat, 2010). Banking is no more about visiting the banks & getting things done. It has become more convenient with the use of various technologies mentioned above. Technologies such as tele banking, internet banking & mobile banking has helped to convert banking into personal banking (Goyal & Joshi, 2012). This has given the opportunity to the users to sit back at their place & performs all the transactions online. With the use of personal banking technologies, the banking transactions have become quite comfortable. Mobility has helped to change the way banks interact with its customers. Mobility innovations have led to an overall increase within the banks. This has helped the customers to be in touch with the bank anytime & at any place. Mobility helps to share data, information & perform the relevant transactions. This facility would help to enable payments as per the convenience of user’s device, etc. This function would help to increase the revenues along with the profits of the banks or any financial institution (Dulawat, 2010).
With an up gradation in the technology, online banking was established amongst the various banks. This has helped the customers to conduct all the financial transactions on a secured website with the help of credit cards, virtual banking, credit union, etc. Some of the features attached with online banking are to view the e-statements, have a look into the account balance, view the transactions done, order cheque books, transfer the funds between two accounts, pay off the bills, repayment of loans, etc (Cronin, 2007). Apart from the various features, some pros & cons are attached to online banking. Some of the advantages to this type of up gradation in the technology are that, it is quite convenient, simple to use, 24×7 availability, easy to access, easy transactions, etc (Cisco System, 2011). Some of the disadvantages attached with such type of technological advancements are slow processing, risk of cyber attack, high levels of risk involved, technical failure, frauds, changes in the site, difficult to learn, intimidating & complex, etc.
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