OPPapers.com Essay Index >> Technology >> It Usage In Banking Industry
We have many free term papers and essays on It Usage In Banking Industry. We also have a wide variety of research papers and book reports available to you for free. You can browse our collection of term papers or use our search engine.
IT Usage in Banking Industry. 1. The Usage of IT in The Banking Industry
Information technology has dramatically changed the way ...
... selected business in the online banking industry have posted ... regulatory issues that
affect banking websites, trademark ... Internet usage comes with it own risk ...
... Nepalese banking industry requires innovation in quality and quantity ... in introducing
innovative and modern banking products in ... The usage of credit cards is on ...
... IV Sector – Financials (banking, insurances, capital management ... Services Secondary
Sector – Industry Primary Sector ... Changes (especially ATM usage and on ...
... is that it creates unlimited opportunities for unauthorized usage, enabling perfect ...
The banking industry only requires Seamen's to audit its network once a ...
Submitted by spark063 on March 30, 2005
Category: Technology
Words: 1525 | Pages: 7
Views: 366
Popularity Rank: 24,853
Average Member Grade: N/A (Add a Comment / Grade this Paper)
1. The Usage of IT in The Banking Industry
Information technology has dramatically changed the way banking is done over the last 15 years or so. The era of change banking in Canada began from the establishment of Interac’s national Automated Teller Machine (ATM) network in 1986. National Debit Card network was introduced in 1994. First full service virtual bank came into being in 1997. Most recently voice recognition banking has begun to emerge in the Canadian business scene. One of the enabler of this Information technology revolution in Canadian financial service industry is Automated Teller Machine, which is essentially a date terminal with two input and four output devices. The two input devices are Keypad and card reader. The four output devices are speakers, display screen, receipt printer, and cash dispenser.
The user inserts the card in the card reader and key in the PIN number via the keypad. The receipt printer prints the receipt and the cash dispenser ejects the cash out. All the operations are displayed on the screen along with the instructions to carry out the necessary steps. Like any other data terminal ATM has to connect and communicate through a host processor, which acts as a gateway. ATMs are connected to the host processor via leased telephone lines or dial up connections. Leased telephone lines have higher date rate transfer and are preferred at high transaction volume places. Banks themselves or independent service providers may be the owners of the host processors.
Security is the biggest issue of the transactions done electronically. According to the TIMES magazine issue dated March 7, 2005 there were 10 million people were affected by identity theft in US in 2005 with a total loss of US$ 5 Billion. ATM technology is turning to Biometrics to reduce the probability of the identity theft. The word ’biometric’ means to measure life and to recognize an individual biometrics employs a biological...
You must Login to view the entire paper.
If you are not a member yet, Sign Up for free!