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Social Issues On Information Technology That Affects Banking Sector

670 words - 3 pages

* Banks, usually take help of various Information Technology (IT) basedchannels to provide their banking and other services. For this purpose, they are in need to provide continuous and frequent information about their services. We can use IT as a strong means to fulfill our objectives social and ethical banking.
The IT based banking services are as follows:
Mobile Banking is a new and emerging concept. Large numbers of people are still not aware about usage of mobile banking. In this, one's mobile phone is used to conduct banking transactions.
• The popularity of Online Banking is significantly increasing day by day. It is a term used for performing various transactions, payments, and ...view middle of the document...

Similarly, internal frauds have also assumed paramount importance. An article published in ABA Banking journal4 has indicated various types of internal frauds viz. general ledger frauds, identity theft, account takeover and collusion with outsiders. The article also mentions about a high-level bank employee being indicted for allegedly transferring more than $4 million from general ledger accounts to her own accounts over a period of eight years and concealing the money in the general ledger.

* A critical use of the Internet is to develop and experiment with new business models. It is not technology by itself that makes or breaks an Internet venture, but the underlying innovation and adequacy of the adopted business approach. IT and e-banking have now become the key elements for strengthening the competitiveness of the national economy and improving the productivity and efficiency of both private and government banks. However, access to and use of these technologies remains extremely uneven.
Less developed economies are being left behind in the expansion of a global economy where knowledge is a key factor driving productivity growth. IT and e-banking...

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