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The financial sector has been no exception as the effects of rapid development of ICT have been noted in the industry as a whole and even more specifically on [url=http://www.mquin.com/giuseppezanotti.php]giuseppe zanotti sneakers[/url] the banking industry. Modern banking goes back to 1826, there was an economic crisis that caused banks not to meet thier [url=http://www.vivid-host.com/barbour.htm]www.vivid-host.com/barbour.htm[/url] obligations. Hence the use of cheques for drawing money and settling accounts became much more common.
A Brief History of Banks Revolutionary Changes Introduced by ICT Development Information Communication Technology, more commonly referred to as ICT, is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as the automated teller machine(ATM) and debit cards. It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. ICT has been used as a tool to facilitate customer services, bank organizational structures and business strategies. Studies have also shown that the development of ICT in the banking sector has been marked by the creation of a number of products and services. The ICT products in use in the banking industry, that have developed over recent times and which my paper shall primarily focus on [url=http://www.maximoupgrade.com/hot.php]hollister[/url] include among others.
a) The Automated Teller Machine
b) Smart Cards and
c) Telephone Banking.
These developments have enabled banks to provide more convenient, secure and diversified services. The application of information and communication technology concepts, techniques, policies and implementation strategies to banking services has become a subject of fundamental importance and concerns to all banks and indeed a prerequisite for local and global competitiveness5. This is according to a study done by a Nigerian scholar, Akinlolu Agboola. He further states that ICT directly affects how managers decide, how they plan and what products and services are offered in the banking industry.
This situation is akin to our local situation here in Kenya since today [url=http://www.mansmanifesto.fr]doudoune moncler[/url] we see that most of the banks have gone hi-tech. This is as evidenced in the widespread networking by different banks and the rampant use of modern technology in the administration of services to their respective customers. Today, one can access most services offered by the bank at the ATM or using their phone. Through [url=http://www.davidhabchy.com]barbour outlet[/url] a computer, bank customers can now find out even personal information concerning their bank accounts. And also the user expectations on the specific developments:
The Automatic Teller Machine
An ATM card is a card issued by a bank, credit union or building society that can be used at an ATM for deposits, withdrawals, account information, and other types of transactions, often through interbank networks. ATM cards are usually used at a branch, as identification for personal transactions. This is for instance when a person wants to make a withdrawal or a deposit at the ATM. In Kenya, they are also used in different shopping points when one wants to make a purchase or to pay for a certain [url=http://www.achbanker.com/home.php]www.achbanker.com/home.php[/url] service. An ATM card is to be distinguished from a debit card since unlike the debit card, in-store purchases or refunds with an [url=http://www.davidhabchy.com]barbour sale[/url] ATM card can generally be made in person only. This is due to the fact that they require authentication through a personal identification number or PIN. In other words, ATM cards cannot be used at shops or stores that only accept credit cards.
However, other types of transactions through telephone or online banking may be performed with an ATM card without in-person authentication. This includes account balance inquiries, functions of debit cards and ATM cards are combined to a single card called a debit card or also commonly called a bank card. This is for instance the case in Canada.
Smart cards
A smart card is yet another advancement of this ICT development era. Physically, it resembles a credit card in size and shape, but inside it is completely different. The inside of a smart card usually contains an embedded microprocessor. The microprocessor is under a gold contact pad on one side of the card. Smart cards have been around in their modern form for at [url=http://www.achbanker.com/home.php]hollister[/url] least a decade only. It is also known as a bank card, client card, key card or cash card are programmable, and hence can be applied to all manner of purposes. In their use in the banking industry, it has been proven that smart cards improve the convenience and security of any transaction. They provide tamper-proof storage of user and account identity. Smart card systems have also proven to be more reliable than other machine-readable cards.
Around the globe in the [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] countries where smart cards have commonly been used, bank controlled co-ops (Visa, MasterCard, Discover, and American Express) have rolled out millions of smart cards under the EMV (Euro pay, MasterCard, VISA) standard11. Smart cards have been proven to secure transactions with regularity. By extension, the increased security leads to increased trust. This has in turn led to improved customer service. Another advantage of the use of smart cards is that [url=http://www.mansmanifesto.fr]doudoune moncler homme[/url] costs are reduced. This is because transactions that normally would require a bank employee's time and paperwork can be managed electronically by the customer with a smart card.
For instance, it enables users their phone to confirm that a check or deposit has cleared get their latest balance, transfer money between separate accounts at the same bank, and obtain details about services. Telephone Banking has developed alongside Internet banking. This is also referred [url=http://www.1855sacramento.com/moncler.php]moncler sito ufficiale[/url] to as online banking and is a service that enables one to transfer money between their accounts at the same bank and view account information, deposits as well as loans, at any time using a computer. Having looked at the positive dimension on the contribution of the development of ICT in the banking industry, we can't ignore the fact that it also has its flip side. It's therefore imperative to point out some the flaws that have come with the rapid development.
Negative Impact of ICT development in the Banking industry
A number of things usually may go wrong, even with all these technological developments in the banking sector. We have seen Cheques meant for someone else get deposited in another person's account or vice versa and even dividend warrants go astray due to what the banks term as "technological errors". In a number of cases, account balances on the ATM terminal are wrong, either because they have been understated or overstated or this can be a huge inconvenience for the customer. However, what is now emerging to be a bigger problem is the issue of fraud that has come with the ICT advancements
Conclusion
In Kenya, Credit and ATM cardholders lose a lot of money every day to their close relations and people entrusted to serve them in places like banks in cases of fraud. At the top of this list of those committing the crimes are cardholder's spouses, children, friends, colleagues, relatives and clerks in banks and shopping centers. They exploit the trust [url=http://www.thehygienerevolution.com/barbour.php]barbour[/url] cardholders have in them to get their card information. Once they get the PIN, they steal the card and use it to withdraw money from the ATM or go on a shopping spree before the cardholder discovers. In this way, one can end up losing a lot of money and property. Such persons should actually be charged with stealing contrary to the provisions of the Penal code14 and the Banking Act15 and the necessary steps taken to curb these ills. It therefore follows that much as we celebrate the positive strides taken by the banking industry due to the advancement of ICT, the industry must be keen to strike a balance so as to ensure their customers' security and interests are not compromised by the same.
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