Global Trends in Banking System and Technology

Technology has allowed banks to offer much more to their customers like the facilities of card and telephone access, any time and anywhere banking through 24 hours Automated Teller Ma­ chines (ATMs), credit cards, debit cards and POS (point of sale) access. In fact, the technology has made it possible for the customers to have finger tip access to their accounts worldwide. The current trend is towards home banking, fully exploiting the technological innovations in the field of communications. Cyber banking leading to cashless society is the direction towards which the technology is driving the banks today. The computers and particularly the networks, in the nutshell finding their application in funds transfer, payment messages, inter-bank settlements, netting of foreign exchange payments, inter­ branch reconciliation, quick disposal of Joan/ investment proposals, FOREX information among branches and offices email services, design of organizational databases, MIS systems and De­ cision Support Systems.