How is technology Important in banking

How is technology Important in banking?

Outline1. Definition of terms.

2. Evolution Of Banking Technology In Ghana.

3. Why The Need For Such Technologies.

4. Types Of Banking Technologies.

5. Importance of Banking technologies.7/7/2016 Technology Importance In Banking, By Kwasi Opoku Agyeman

(FirsTrust S&L) 2

Definition of terms• TECHNOLOGY: The purposeful application of information in the

design, production, and utilization of goods and services, and in the organization of human activities.• BANK: An establishment authorized by a government to accept

deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.• BANKING TECHNOLOGY-The term “banking technology” refers

to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable, and affordable manner, and sustain competitive advantage over other.

7/7/2016 Technology Importance In Banking, By Kwasi Opoku Agyeman (FirsTrust S&L) 3

Evolution Of Banking Technology In GhanaThe earliest forms were automation device: telephones and telex were employed to speed up and make more efficient, the process of servicing client.The use of personal computer’s for back room staff and tellers became common in the 1980sAdvancement in technology saw Barclays Bank Ghana Limited and Standard Chartered Bank Ghana Limited networking their branches making the one branch philosophy a reality.The Trust Bank, Ghana (now a member of the ECOBANK), in 1995 installed the first ATM.The first major cash card called the “sika” card was introduced by SSB bank now societe general in 1997.7/7/2016 Technology Importance In Banking, By Kwasi Opoku Agyeman

(FirsTrust S&L) 4

Why The Need For Such Technologies

• INCREASED COMPETITION


• CUSTOMERS ARE NOW MORE MOBILE


• EMERGING SECTORS WHICH OFFER NEW OPPORTUNITIES


• CUSTOMER DELIGHT


Types Of Banking Technologies1. The use of appropriate hardware for conducting business and servicing the customers through various delivery channels and payment systems and the associated software

Examples with respect to FIRST TRUST:First Trust ATM and ATM ca

First Trust Net


First Trust Susu Cards Mbanking


2.The use of advanced computer science algorithms to solve several interesting marketing-related problems such as customer segmentation, customer scoring, target marketing, market-basket analysis, and customer retention faced by the banks to reap profits and outperform their competitors

This constitutes:The implementing of data warehouse and conducting data mining studies on customer data


3. Technologies For Information Security• Encryption systems


• Digital signatures


Importance of these technologies•Remote banking


• Rural banking


• Centralizes information resulting to quick services


• 24/7 operations


• cost savings and increased profitability


The End.

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How is technology Important in banking

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