Premium Essay

Social Issues on Information Technology That Affects Banking Sector

In: Computers and Technology

Submitted By karina3796
Words 670
Pages 3
* Banks, usually take help of various Information Technology (IT) basedchannels to provide their banking and other services. For this purpose, they are in need to provide continuous and frequent information about their services. We can use IT as a strong means to fulfill our objectives social and ethical banking.
The IT based banking services are as follows:
Mobile Banking is a new and emerging concept. Large numbers of people are still not aware about usage of mobile banking. In this, one's mobile phone is used to conduct banking transactions.
• The popularity of Online Banking is significantly increasing day by day. It is a term used for performing various transactions, payments, and account statements etc. with the help of Internet.
• Relationship Managers, mostly for private banking or business banking, often visit customers at their homes or businesses.
• Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch clarification.

* Frauds and deceptions have been the bane of banking and finance down the ages. Advent of computers have not only made novel ways of fraud possible, but also made the consequence of such frauds – the quantum of potential loss astronomical. The banks are susceptible to frauds both from external as well as internal sources. In a white paper title “Dissecting Operation High Roller”3 McAfee and Guardian Analytics have indicated a cyber fraud with objective to siphon large amounts from high balance accounts. The white paper states that the criminals have attempted at least €60 million (US$78 million) in fraudulent transfers from accounts at 60 or more financial institutions (FIs). If…...

Similar Documents

Premium Essay

Technology and Indian Banking Sector

...ISSN No-2230-7850 Vol.1,Issue.IX/Sept;11pp.1-4 Research Paper Technological Developments in Indian Banking Sector Dr. B.S. Sawant, Director, K.B.P. Institute of Management Studies and Research, Satara, Research Guide Abstract: Banking sector plays a significant role in development of Indian economy. So banks need to optionally leverage technology to increase penetration, improve their productivity and efficiency, deliver cost-effective products and services, provide faster, efficient and convenient customer service and thereby, contribute to the overall growth and development of the country. Technology enables increased penetration of the banking system, increases cost effectiveness and makes small value transactions viable. Besides making banking products and services affordable and accessible, its simultaneously ensures viability and profitability of providers. Technology allows transactions to take place faster and offers unparallel convenience through various delivery channels. Technology enhances choices, creates new markets, and improves productivity and efficiency. Effective use of technology has a multiplier effect on growth and development. In the area of payment systems, there have been significant advancements of technology on the customer transactions. India is one of the country that has effectively tackled huge volumes of paper instruments in cost effective manner. The Magnetic Ink Character Recognition (MICR) cheque clearing System, cheque......

Words: 3234 - Pages: 13

Premium Essay

Social Media Information Technology

...Social Media: Information Technology Abstract Social Media websites such as Facebook, Twitter, are universally known and present in parts of the world in today’s society. Social media have become such a part of many people daily activities that most couldn’t image living without it. It has brought many benefits to us, but also some pitfalls. Facebook monitors how third parties use your personal data, however, they also state they cannot guarantee “that third parties will follow Facebook’s privacy policy, if you don’t want your privacy violated, then you probably want to reconsider joining Facebook or other social networks.  The definition of “privacy” is subjective, however, things like personal information such as name, living and working locations, job, career, education, income, relationship status, contact information, and bank information should be safeguarded at all costs to prevent things like stalking, identity theft, fraud, and other attempts to undermine a person’s life.  It’s not all bad, Facebook has reunited family’s, long lost friends, and is helping police officers catch the bad guys, however, like anything, too much can be bad for you.  More recently social media has been known as the tool that facilitated many uprising in Middle Eastern countries. It helped kick start a revolution known as the Arab Spring. Facebook was used to schedule activities such as gatherings to protest, Twitter was used to coordinate an array of events at a moment’s notice...

Words: 3397 - Pages: 14

Premium Essay

Impact of Information Technology on Banking Sector

...This project examines the general impact of Information Technology(IT) on the banking industry. The banking industry has introduced various new customer services and products using IT. The banking industry has gone through many changes as a result of the introduction of IT. In fact, the structure of the industry is continuously changing because of rapid development of IT. The continued success of IT applications mean that the limitations of current IT computer systems in banks have to be re-developed to meet future requirements. The aim of this project is to evaluate how the banking industry has applied IT; the effects of IT on competition; current IT applications and systems problems; the security of IT systems; IT risk and IT fraud and the future application of IT in the banking industry. The focus of the report has mainly been in the UK and US. In the research, the banking industry has demonstrated a fair amount of competence in the application of IT. Some banks were at the cutting edge of IT and have a clear vision of how IT could be furthered applied successfully. Banks have spent millions of pounds on IT every year in a bid to fully automate its operations and services to customers. The industry recognises that IT was a major key to its development. The research brought to light the fact that IT has increased competition within the industry. The realisation that the market size is not really increasing has made banks more competitive. Also, the expectation......

Words: 562 - Pages: 3

Premium Essay

Customer Satisfaction in the Banking Sector

... A SURVEY OF THE FACTORS INFLUENCING CUSTOMER SATISFACTION IN ORGANIZATIONS WITHIN THE BANKING SECTOR IN KENYA ONE: INTRODUCTION 1.1 Background to the study Customer satisfaction within the banking institution is measured by many factors, which may or may not be quality related and is the key determinant as to whether a customer will be loyal to the baking service provider (Taylor and Baker, 1994). Satisfied customer will refer other to the same services by word of mouth. In the contrary, unsatisfied customers will seek better service elsewhere, give negative reference to the poor service provider, and blame their former service providers. Therefore, banks must aim at fostering long-term relations with their customers (File and Prince, 1992). Banks need to proposition their services from the operational to marketing aspects such as retail, business and corporate banking, insurance and investment. In order to satisfy each type of customer segments, the banks prefer to subdivide the tasks in different divisions. The Commercial bank of Africa and Barclays banks are examples of diversified banking institution which have been successful in satisfying customer needs even during current global market adjustments (Qin & Prybutok, 2009). In Kenya, customer satisfaction is a bank’s strategy for increasing revenues, since it signifies the retention of customers which is much economical than drawing new customers. There are varied views about what satisfies a customer,......

Words: 11605 - Pages: 47

Premium Essay

Technology Change in Banking Sector

...that this has had on them and their ability to respond to their environment.  Lastly I want to look at the new, developing role which requires managers to be responsive to this changing environment and to develop adaptive changes. 1.            Failure of Traditional Management In many organizations, managers have been taught to carry out the classical functions of management – planning, organizing, leading and evaluation.  Yet any observer of human behavior would have to conclude that by and large this has not happened.  Many managers have not understood their roles nor carried out their management functions at all well – particularly planning and evaluating.  Probably leadership in many cases has been entirely lacking. One of the major issues that I have with classical management theory and practice is that it is based on outmoded views of human behavior.  It assumes also that we live in a stable unchanging environment which can be predicted with accuracy so that the organization can appropriately respond. This model of management also assumes that the most competent, the very best performers and the most creative thinkers become managers.  And we know that is not true!  Many people achieve management positions for a diverse range reasons including those of talent, politics, age, experience or just being there at the right time. As training for many managers is limited or non-existent, it follows that managers will tend to manage as they themselves were managed.  Power......

Words: 1384 - Pages: 6

Free Essay

Information Technology and the Rise of Ethical Issues

...Information Technology and the Rise of Ethical Issues The purpose of this research is to identify what are the advances in information technology that resulted in new ethical issues necessitating the creation of the Telephone Consumer Protection Act (TCPA), 1991, and the Children’s Online Privacy Protection Act (COPPA), 1998. To start examining the ethical issues of each act it was necessary to understand the meaning of the act and who the act affected. Each act applied to different age groups yet pertained some of the same ethical issues for the creation of each act. Once the meaning behind the acts were identified, the ethical issues were easy to recognize. Information Technology Information technology dramatically has changed the course of business in a rapid pace toward humanity. These advancements have made conducting business effective and efficient by the use of larger data storage, auto dialers, auto recordings, and identifiers, such as cookies or IP addresses to learn personal information. However, these advancements come with drawbacks that include morally and ethically wrong destruction toward individuals with their privacy and safety. Creation of Acts The Telephone Consumer Protection Act (TCPA), 1991 was established for the consumers that did not wish to have telemarketers calling. The advancements in technology were enabling businesses to call residential phone numbers as well as sending facsimiles to market and sell products. The phone calls were...

Words: 700 - Pages: 3

Premium Essay

The Impact of Information Technology in Nigeria’s Banking Industry

...COMPUTER SCIENCE AND ENGINEERING, VOLUME 7, ISSUE 2, JUNE 2011 63 The Impact of Information Technology in Nigeria’s Banking Industry 1 Oluwagbemi Oluwatolani 2Abah Joshua and 3Achimugu Philip Abstract-Today, information technology (IT) has become a key element in economic development and a backbone of knowledgebased economies in terms of operations, quality delivery of services and productivity of services. Therefore, taking advantage of information technologies (IT) is an increasing challenge for developing countries. There is now growing evidence that Knowledgedriven innovation is a decisive factor in the competitiveness of nations, industries, organizations and firms. Organizations like the banking sector have benefited substantially from e-banking, which is one among the IT applications for strengthening the competitiveness. This paper presents the current trend in the application of IT in the banking industries in Nigeria and gives an insight into how quality banking has been enhanced via IT. The paper further reveals that the deployment of IT facilities in the Nigerian Banking industry has brought about fundamental changes in the content and quality of banking business in the country. This analysis and clarification of how Nigerian Banks have used IT to reengineer their operations is detailed through literature review and observation. Three categories of variables that relate to the use and implementation of information technology devices were considered in......

Words: 2996 - Pages: 12

Free Essay

Information Technology Ethical Issues

...INFORMATION TECHNOLOGY ETHICAL ISSUES                                        Ethics is in accordance with the standards or rules for behavior or a practice especially the standards of professionalism. Information ethics is defined as a branch of ethics that is directed to the relationship between dissemination, organization, use and creation of information, and the moral and ethical codes governing human behavior in a society. Information system have raised ethical questions for both organizations and Individuals since they all create opportunities for intense social change, and thus putting at risk the current distribution of powers, rights, money and obligation. There are various ethical issues in information system privacy being one of them. Privacy is the right of a particular organization, including the state or individual to be left alone, free from interference and surveillance from others. Personal information of a particular individual or organization is critical, and the way they are handled can significantly interfere with the individual or the group. Privacy entails what information about an individual or an organization must a reveal to others, extend to which the information should be given and under what conditions. The information of a particular person or group should be safeguarded adequately to prevent its access by others without permission or consent. There are some of personal information that must be revealed to......

Words: 382 - Pages: 2

Premium Essay

Information Technology Ethics Issues Article

...Information Technology Ethics Issues Article Georgeanna Chapman BIS/221 March 23, 2015 C. Randall Shirley Information Technology Ethics Issues Article Memorandum To: C. Randall Shirley From: Georgeanna L. Chapman Date: 4/26/2015 Re: Information Technology Ethics Issues Article Summary Laws and Ethics Can’t Keep Pace with Technology The article that I chose to use is from MIT Technology Review. In the article; it was discussed on how Ethics can’t keep up with the growing use of Technology. 1. Employers can get into trouble in interviews asking potential applicants about their sexual preference, religion or political affiliation, yet can find all this information on social media and it isn’t against the law. 2. Laws forbid lenders from discriminating on the basis of race, gender and sexuality, but if their work history on Facebook doesn’t match their work history on LinkedIn, they are socially undesirable. “We haven’t come to grips with what is ethical, let alone with what the laws should be, in relation to technologies such as social media.” (Wadhwa, 2014, p. 1) The laws and ethical practices are forever evolving. With the public uproar about the surveillance by the NSA this actually pales in association with the data that Google, Apple and Facebook are collecting and people don’t seem to be concerned about that. You give these sites permission to collect this information and store it. We will have similar debates about self-driving cars,......

Words: 434 - Pages: 2

Free Essay

Issues in Information Technology

...Brent C. Dugan IT101-AT6 Ethical issues in Information Technology Information Technology And Resource Use As of Autumn 2003, leadership of the Network for E (N4E) is being taken over by Professor Scott Matthews of Carnegie Mellon, one of its founding members. Jon Koomey began a leave of absence from LBNL beginning in August 2003 (his LBL email and phone will still reach him while he's on leave). Koomey et al., "Sorry, wrong number: The use and misuse of numerical facts in analysis and media reporting of energy issues.", which contains the most complete summary of the controversy over electricity used by office equipment, was published in the 2002 issue of Annual Review of Energy and Environment (also LBNL-50499). vol. 27,. pp. 119-158. Email for a copy. Baer et al. "Electricity requirements for a digital society" was published at the end of 2002 RAND Corporation, MR-1617-DOE, ISBN 0-8330-3279-8. They concluded that projections of information technology totalling 50% of electricity use in twenty years are completely implausible. Instead, their scenarios project something under five percent for office and communications equipment in all cases by 2020. Ethics In Information Technology Are the ethical decisions that a technology user must make fundamentally different than those facing the ordinary person?   No, because it is difficult to resolve competing interests no matter what the nature of action or behavior is contemplated.   Is the......

Words: 961 - Pages: 4

Premium Essay

Negative Impacts of Technology in Banking Sector

...Negative impact of technology in banking sector Information Technology solutions have paved a way to a new world of internet, business networking and e-banking, budding as a solution to reduce costs, change the sophisticated economic affairs to more easier, speedy, efficient, and time saving method of transactions. Internet has emerged as a blessing for the present pace of life but at the same time also resulted in various threats to the consumers and other institutions for which it’s proved to be most beneficial. Various criminals like hackers, crackers have been able to pave their way to interfere with the internet accounts through various techniques like hacking the Domain Name Server (DNS), Internet Provider’s (IP) address, spoofing, phishing, internet phishing etc. and have been successful in gaining “unauthorized access” to the user’s computer system and stolen useful data to gain huge profits from customer’s accounts. Thus Technology has come with its advantages. But it also has its negative effects; the case in question is the introduction of e-commerce in the banking sector; a technology hitherto known as "E-Banking". Hacker: Hacker is computer expert who uses his knowledge to gain unauthorized access to the computer network. He’s not any person who intends to break through the system but also includes one who has no intent to damage the system but intends to learn more by using one’s computer. Information Technology Act 2000 doesn’t make hacking per......

Words: 1843 - Pages: 8

Premium Essay

Social Information Technology

...discipline. This book will teach you the basic principles of computer programming and good programming practices. What this book will not do is teach you to use a specific programming language. This book may also be useful as part of a course on computer theory, computer engineering, or software engineering, along side learning a programming language, or as part of an advanced programming course. The Problem Most software programs are made because there is a problem that needs to be addressed or solved. Before a problem can be addressed, you need to clearly identify the problem or problems that need to be addressed. In this section you will learn basic skills to identifying problems. Problem Statement A problem statement is a description of the issues that need to be addressed. A good problem statement answers: 1. What is the problem? This should help explain why a program is needed. 2. Who has the problem? This should help identify who is likely to use the program. If the answers are too general, thinking and creativity may be required. Heron-Centric: Ruminations of a Language Designer The Principles of Good Programming by Christopher Diggins July 24, 2011 Summary Over the years I have found that following a relatively small number of fundamental guiding principles has helped me become a much more effective programmer. Advertisement | Today's post is a lightly edited repost from my blog at The Area, a web-site dedicated to users of Autodesk media and......

Words: 6404 - Pages: 26

Premium Essay

Ethical Issues Facing Information Technology

...the ethical issues facing information technology. I will be identifying examples of those ethical issues, situations in which they occur, and helpful ways in which organizations can avoid abuse and catastrophes. Introduction Ethics is defined as moral principles that govern a person or group’s behavior. (insert reference) Now that we know the definition of ethics, then what are ethics in information technology? Ethics in information technology are a set of moral principles that police the use of computers and all forms of telecommunications used to receive, send, and store information. With the rise of information technology, more and more professionals have encountered ethical issues in the workplace and finding out there are situations in which ethical problems are becoming more prevalent. Some examples include; (1) problems with privacy and confidentiality, (2) computer security, and (3) computer crimes and computer related crimes. This paper will focus on these examples. Problems With Privacy and Confidentiality Information privacy is the right of an individual to determine what information is collected about them and how it is used. Some people are not aware of ways in which data can be collected or how it is used. Many think they have a level of secrecy as they browse online, but websites are often collecting your personal information within seconds of you clicking on their site. Information, such as......

Words: 1562 - Pages: 7

Free Essay

Information Technology Ethics Issues

...Information Technology Ethics Issues In the past thirty years technology has changed our lives significantly. It changed the way we communicate, the way we work, the way we interact with each other, to how we fight wars. With that being said, it has raised controversy and initiated intense debates that are often differentiated or entangled in scientific uncertainties or dishonest demagoguery. Law and ethics are struggling to keep pace with technology. For example, employers are forbidden and can face legal action if the ask interviewers about their, religion, political affiliation, or sexual preference. Nevertheless, they are able to turn to the internet like google or Facebook to determine if a candidate meets the job criteria by their beliefs, looks, or habits. It is against the law for lenders to discriminate a person based off their race, gender, and sexuality. However, they can deny a person a loan based on their Facebook friends that have a history of poor credit history or if their Facebook bios don’t match other websites like LinkedIn for example. Since laws have not kept up with modern day technology it causes regulatory gaps. As technology rapidly progresses the gaps seem to be getting bigger and bigger with time. Employment is not the only place where these regulatory gaps are happening. They are happening wherever technology exist. Technology has evolved so much in the last thirty years it’s nearly impossible to keep up causing our laws and ethical......

Words: 469 - Pages: 2

Premium Essay

Information Technology Risk in the Banking Sector in Bangladesh

... ASSIGNMENT ON Information Technology Risk In The Banking Sector IN Bangladesh Course Title: Working Capital Management Course Code: BBA-4122 Submitted To: Md. Munsur Ahamed Lecturer, Department of Finance,AUB Submitted By Group-E Name | ID NO: | BATCH | SECTION | Nargis Akter | 200820324 | 33rd | Finance(A) | Shamima Ferdaus | 200820558 | 33rd | “ | Syeada Kohenur Begum | 200820786 | 33rd | “ | Umma kulsum | 200820367 | 33rd | “ | Umme kulsum Binte Nazrul | 200820554 | 33rd | “ | Submission Date: 25-March-2012 DEDICATION PAGE I want to dedicate this Assignment to my honorable teacher Munsur Ahamed (Lecturer , Department of Finance, AUB ), who encourage and help me utmost to complete such a typical assignment. ACKONOLEDGEMENT PAGE I attempt to make a typical assignment, to complete these assignment many person help me. Thanks my honorable teacher Munsur Ahamed ( lecturer , Department Finance AUB. ) To collect some information I got help from many books and Internet so thanks Asian University Library and computer lab thanks my all friends who help me to complete a good assignment. At last thanks to Almighty Allah. Information Technology Risk In The Banking Sector In Bangladesh Abstract Continuous technological development, particularly, information technology revolution of the last two decades of the 20th century has forced the banks to introduce the e-banking operation for their sustainable growth in an......

Words: 5900 - Pages: 24

Linens & Textiles (Pre-1930) | Watch show | Nouveaux objets