IT IN FINANCE SECTOR

Syndicate VI

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INFORMATION TECHNOLOGY

 I.T. popularized in 1980.

 Use of technology to enhance the speed and

the efficiency.

 Dependency of Financial institutions on I.T.

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 FINANCE
 The science of the management of money and
other assets.
 The management of money, banking,
investments, and credit.
 Finances Monetary resources; funds, especially
those of a government or corporate body.
 The supplying of funds or capital.

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 BANKING
“We need Banking, do we really
need Banks”

Bill Gates

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ELECTRONIC CLEARING SERVICE
 This helps the companies making heavy
payment disburse directly into bank account .
 Prompt payment on due date.
 Cash management becomes easy.
 Elimination of fraudulent encashment.
 Safe, secure & efficient.

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 ATM
 ATM is an electronic computerized
telecommunications.

 Bank customers use secure method

of communication to access their
bank accounts.

 Without human bank teller.

 ATM is a intra-bank connected

network.
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ELECTRONIC FUND TRANSFER

 In EFT electronic payment and collections

can easily be made.
 EFT is safe, secure, efficient.
 It is less expensive than paper cheque
payments and collections.

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 TELEBANKING
 Telebanking is a service
which makes banking
easy from any touch-
tone telephone.

 Customers obtain
various information
about their account.

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 IMPACT ON MARKET
 Computer reservation service.
 Shares and Stock transaction
 Online billing
 Smart card
 IT helps for accounting and auditing.

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 CONCLUSION
 IT are creating new opportunities and new
challenges for regulated financial intermediaries.
 Those can adapt quickly and rapidly changing
environment of e-commerce may survive and
prosper.
 Competitors from outside the traditional financial
services industries are designing systems & try
to eliminate the role of financial institutions.

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