How is information technology used in banks?


Quick Answer

Banking software that facilitates customer transactions both inside and outside the bank and databases that are used to store and manage customer account information are both common applications of information technology in banks. Technology allows for the centralization of information that makes it possible for customers to control their accounts through ATMs, mobile banking apps and banking websites.

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Full Answer

According to Bank Tech, business process management tools are also becoming in banks, and these are applications that help banks gather and report data. A benefit of such tools is that they can help the bank more easily meet regulations. Another application of technology in banks may include messaging centers that enable customers and banks to communicate with each other in a safer manner than email.

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