Technology Report on Online Banking

In: Computers and Technology

Submitted By heralde1
Words 1517
Pages 7
BIS 300

Almost half of Americans use online banking and the statistic is growing. Banking is even going mobile. There are multiple banking applications available for smartphone users. If there’s not an “app” for your banking needs then there’s a strong possibility that your bank has a mobile version of their site making mobile banking easier than ever.
How is internet/smart phone banking possible? The answer lies within the application and implementation of management information systems. These information systems contain components that work together to provide information. With the technology available today, banks have basically taken their information systems and expanded them to management information systems. Essentially using the data they already have but using it in a way to achieve business goals, such as the convenience of online banking.
Before internet banking customers were forced to bank during the bank’s limited business hours, often time, banks opened after you were at work and would be closed by the time you got off work. Additionally, customers were forced to wait in excruciatingly long lines during peak business hours in order to handle their financial needs. Customers would have to endure all of that just to check the balances of their accounts. In order to better serve customers and their needs, internet banking was implemented.
In the beginning, internet banking was extremely limited. Customers could check their balances and possibly do intra account transfers. Now, customers can do everything online from signing up for loans and mortgages to transferring money to setting up automatic bill bay. By implementing online banking , customers can do all of their financial transactions at home at their convenience without ever having to leave the comfort of their home. The long lines of yesteryear are gone, giving…...

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