Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. Nature of Information systems currently used by banks: A variety of information systems are being used by banks. Once signed up, it may take some time to become familiar with the setup of the banking site. Furthering the do-it-yourself banking model is online banking, which allows customers to pay bills, view account balances, transfer funds from one account to another, pay friends and much more. Businesses often had to wait for a check to “clear,” which meant approval by the payer’s financial institution, to access the funds they deposited. The concept of object oriented programming has given rise to the use of multiple servers thereby reducing the load on a single PC. For example, if purchase transactions are made on a Sunday or after 5:00 p.m., your current balance from an ATM receipt will read the last-known balance during regular banking hours; this can be misleading. However, these kinds of premises are rapidly becoming redundant. Registered Data Controller No: Z1821391. So the client on the other end will be in position to read the information clearly. In a report compiled by PwC, 77% of financial institutions will increase internal efforts to innovate, with many businesses embracing the disruptive nature of FinTech. The advent of computers has given rise to information systems being used as a business tool on a large scale. We will thoroughly analyze the requirements of information systems at the various different levels and review the security needs for these purposes. Once an account is open, the bank manages everything electronically. Therefore, banks need to provide a level of security that cannot be breached. >See also: Technology is revolutionising business financing. Some banks even operate exclusively online by providing online banking functionality and phone support when needed. : The Business of Banking, American Banker: 10 Ways Technology Will Change Banking in 2015. Law thus acts as one of the barriers to those who want to breach it. The law enables anyone the use the information provided over the internet with due care and only with the consent of the provider of that information. Computers have revolutionized accounting and bookkeeping, and banks were some of the first to switch to computers. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Mainframes, American Banker's Assoc. Teller Terminals. The primary disruption stems from progress. Although in other service sectors, cloud computing has worked wonders to attract customer base, banks cannot afford to use such systems. On the banking side of things, this eliminates the need to have someone on-site at each branch, manually processing and approving applications. Deposits and bill payments can be set up to move in and out a checking or savings accounts automatically, freeing up the customer from worrying about mailing in bill payments on time or depositing checks while out of town. With times, this basic concept has not changed much. With times, this basic concept has not changed much. Digital Scanners. We’ve known for years that technology will progress to the point that it becomes more efficient than the people who made them. Banks rely on software like Finnacle for their day to day business unlike the manual banking earlier. Progress in any field is usually a form of disruption, because the existing people and technology are rendered obsolete, and need to be upgraded or removed. Today, decision making systems are also used by banks for purposes of marketing newer loan schemes. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. If you ever used an automated teller machine (ATM) to interact with your bank account, you used a mainframe. However, developing an information system needs huge investments, responsibility of non-leakage of information (robustness of the system), and various other security measures. Within the computer being used within the banking sector, the banking system will still be as long and as manual as it was many years ago and you would not be able to transfer money and stay ahead of statements successfully. Basic services include the book keeping records of the customers while the luxurious ones include the facility of an IVR (Interactive Voice Recording) through which customers can get answers to their F.A.Q’s. Moreover, you can pay your utility bills from your account while sitting at home. Nowadays in the era of CBS (Core banking Solution), the knowledge of basic Computer is of paramount importance in banking. She is a graduate of Michigan State University with a Bachelor of Arts in anthropology. Reduce stress of work and consuming less in the bank. Another technology used by banks to exchange data between the bank and clients is called Electronic Date Interchange (EDI); this software can be used to transmit business transaction in a computer-readable form. A variety of information systems are being used by banks. These banks have lower operating costs, and many are able to provide lower fees for their customers. The logic is that a human cannot lose all at a time and hence is a good measure to reduce the security threats. Machines help banks in reducing infrastructure costs and improve efficiency. This is the most basic level. Study for free with our range of university lectures! You can view samples of our professional work here. Banking online can also be cost-effective as it eliminates the need to order checks, buy postage or drive to the bank. Information flooded over the internet can only be used for purposes said and described prior to collection of it. Cloud computing takes help of a third party service provider to rent the applications. ATMs. Williams has a Bachelor of Arts in communications from Jacksonville University, law degree from NSU's Shepard-Broad Law Center and certificates in environmental law and Native American rights from Tulsa University Law. The investigation and identification of fraud used to be an equal effort from both man and machine. Tasks include book keeping, account handling of customers etc. To evaluate the information systems used by banks, one needs to realize the general nature of information systems used by banks currently.