It Usage in Banking Industry

1. The Usage of IT in The Banking Industry Information technology has dramatically changed the agency banking is done over the last 15 years or so. The era of change banking in Canada began from the establishment of Interacs national automatize Teller Machine ( automated teller machine) network in 1986. National calculate Card network was introduced in 1994. First full go virtual bank came into being in 1997. Most of late voice recognition banking has begun to emerge in the Canadian commerce scene. One of the enabler of this Information technology revolution in Canadian financial service industry is Automated Teller Machine, which is essentially a date terminal with two input and quaternary output devices. The two input devices atomic number 18 Keypad and card reader. The four output devices are speakers, display screen, recognise printer, and gold dispenser. The user inserts the card in the card reader and rudimentary in the PIN number via the keypad. The receipt printer prints the receipt and the cash dispenser ejects the cash out. All the operations are displayed on the screen along with the instructions to carry out the infallible steps. Like any other data terminal ATM has to connect and communicate through a host processor, which acts as a gateway. ATMs are connected to the host processor via rent knell lines or dial up connections.

Leased telephone lines have higher date rate transfer and are preferred at high transaction volume places. Banks themselves or independent service providers may be the owners of the host processors. security system is the biggest issue of the transactions done electronically. According to the TIMES clipping issue dated March 7, 2005 there were 10 one thousand million people were affected by identity theft in US in 2005 with a total loss of US$ 5 Billion. ATM technology is turning to Biometrics to slim down the probability of the identity theft. The word biometric means to measure liveliness and to recognize an individual biometrics employs a biological character unique to that person. The traits... If you want to get a full essay, launch it on our website: Orderessay

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