(g) applications in banking (including Electronic Funds Transfer (EFT), ATMs for cash withdrawals and bill paying, credit/debit cards, cheque clearing, phone banking, internet banking)
Discuss the advantages and disadvantages to your choice of application.
Generate a conclusion from your discussion that makes use of the learning objectives (as seen in the Moodle).
With technology nowadays, banking online has been made possible. It has become a much more quicker and efficient way to exchange payments and handle bills through networks. There are many different examples of electric banking applications, such as ATMS, for cash withdrawals and bill paying.
There is also the use of credit cards, debit cards to pay without using cash. Cheques can also be used; it is an easier way. There is a code at the bottom, which can be scanned.
Phone banking is where people manage their financial payments by talking to a banker through a ...view middle of the document...
Credit cards and debit cards have a magnetic strip that contains the coding and encryption, and is then read by a magnetic strip reader. A credit card and a debit card are two different things. For credit cards, it involves money borrowed from the bank. Stores prefer credit cards because it is guaranteed that they will receive their money because it is from the bank, not from the user, even if the user has no money. Debit cards withdraws money from your own account, you are unable to purchase things if you have no money in your account.
However there are advantages and disadvantages to online banking services. These are a few.
* Very convenient, able to access anywhere if connected to internet
* Allows people to pay their bills anytime
* Online banks will never close, will always be available to access
* Very fast, effective and efficient, faster than at a normal bank
* Able to view transactions, to double check
* Able to transfer money to accounts, or receive money.
* Higher interest rates
* Lack of trust from people, some people will try to steal money
* Hard to understand for some people, hard to understand how to use online banking
* No ‘personal touch’, some people prefer to talk to people face to face
* Setting up an account may take some time
* If whenever the bank site decides to change, new features might be unfamiliar and sometimes re-entering information is needed
* Internet access is not available 24/7
* Even though banks are heavily protected with encryption, professional hackers might still have the ability to access your account
* Technology is not always reliable, sometimes online banking
* Risk of identity theft. People may hack into your account and purchase items without your consent
In conclusion, banking applications are a very fast and efficient way of carrying out financial transfers, but there are many disadvantages, technology is not always reliable and may crash at any time. However, it is very efficient, and nowadays most of the human population uses it even though there are many problems associated with it. I think banking applications are very useful and should be used by future generations.