Industries » Banking and Financial Services

Almost without exception, banks around the world agree that Technological Advancement is important to innovation; it is on whether their existing systems help or hinder innovation that they differ. The role of technology in innovation is dynamic, and is shaped and reshaped by the dictates of the banking environment and its customers

Technological innovation that altered the provision of financial Services will cover external changes over methods of undertaking Transactions (between customers and bank) and changes up to the Point at which customers enter the banking system.

Characteristics of banking organizations included the introduction of full automation to branch accounting, real time operation and control of branches by the central office.

New technology allowed the introduction of new services and in turn, new retail bank products brought the bank service away from the branch and closer to the customers by delivering customer information at the point of sale.

  • Reduce inter market price differentials.
  • Conversion from branch to bank relationships.
  • Automated bank statements.
  • Cheques guarantee cards.
  • Growth of cross border payment.
  • ATM Introduction.
  • Supply of nonpayment products like insurance, mortgages and pensions.

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