Q:

How is ICT used in banking?

A:

Quick Answer

According to Teach-ICT.com, information and communication technology is used by banks for ATMs and online banking as well as storing information on the magnetic strip of a credit or debit card. Banks also use ICT to clear checks and handle electronic and international bank transfers.

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Full Answer

According to a study published in the Journal of Internet Banking and Commerce, the adoption of ICT in banks led to an improvement in customer service, facilitated accurate record-keeping and enhanced the speed of overall services, ultimately leading to a more efficient and competitive market.

The Asian Development Bank reports that its vision for future development relies heavily on information and communication technology. Projects supported by the Asian Development Bank that use ICT include basic Web portals and electronic databases, as well as complex information management systems that seek to improve government efficiency and provide the stimulus for economic growth. To this end, the Asian Development Bank emphasizes how ICT has managed to connect rural areas with urban areas, allowing for improved information access and leading to newer agricultural techniques that increase the income of farmers. The real goal of ICT in banking is not just to provide access to technology, but linking communities together in the long run.

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