The computer is the nerve centre of the banking system around the world. It functions to control the entire banking system that also includes 'Electronic Banking Services'. Electronic banking provides 24 hour services. The services include :
• Automated Teller Machine (ATM)
• Cheque Deposit
• Electronic Fund Tranfer
• Direct Deposit
• Pay by phone system
• Personal computer banking/ internet banking
In the banking sector, customers, businessman and bank administrator benefits from the usage of ICT.
1. Customers can make any transactions at the 24 hour service centres or via online.These services allow them to do transaction at anytime they want.
2. Businessmen can save their time by using the online services offered by banks. They can access company accounts for loan applications, business transactions and update on their cash flow at any time.
3. Bank administrators can oversee the entire banking activities such as reconciliations, inter-branch transactions (IBT), telegraphic transfer and others by referring to the banking system.