Technological Advances Within the Banking Sector

The world’s oldest surviving bank – the Banca Monte dei Paschi di Siena in Italy – dates back to 1472. With edges playing an integral role in our everyday lives for over 500 years, it’s no surprise this important of society is one of the first places to experience technological change. As the need for safe, obtain and speedy banking increases so does the excursion to develop new features and software that manage this need.

At present, modern technology allows banking to exist in four very different environments. The first of which is the rise and rise of telephone banking. Introduced in the early 80s, telephone banking allows customers to access and administer their accounts using a handset or keyboard attached to a phone line. ‘Home banking’ also refers to the use of a numeric keypad that sends tones down the phone line that instructs certain changes to be made to the individual’s bank account.

Hot on the heels of telephone banking, the internet would soon provide individuals with another method to administer their bank accounts. Introduced in 1994, internet banking enhanced and developed the service already provided by phone lines and allowed customers to conduct responsibilities such as fund move, investment, electronic bill payment and complete applications for other financial features such as loans and credit cards. It is though the number of internet users who bank online now exceeds 50%.

Technological advances don’t only extend to phone and telephone however as the ATM (automated teller machine) or cash kiosk, has experienced numerous changes in addition. Invented in 1960, the ATM machine is now a familiar characterize on the high street and provides an easy to reach and familiar method to access funds for those going about their daily business or already holidaying and travelling oversea. Of particular interest is the development of highly progressive banking software that allows multiple ATMs to be controlled remotely from one financial institution in addition as technology that allows ATMs to speak a variety of languages, consequently providing a globally friendly machines.

Although the most noticeable technological changes to banking have occurred out with the walls of these financial institutions themselves, there are also other noteworthy developments that aid the experience of employees and customers within the edges themselves. Enhanced databases and in-house software packages average tellers can access numerous customer accounts at once. For individuals working within the credit or loan sector, software packages now exist that help to calculate lending risk in addition as borrowing time which ultimately provides a safer, obtain and speedier banking experience from the bank and beyond. “

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