Banking and Information Technology Group 1 – DeKalb Lori Wonser Henry Fischer Greg Johnson Aaron Boehm Mia Hannon Check Clearing Lori Wonser Checks Next to cash, checks are the most frequently used method of payment in the U.S. Account for about 70 % of the total number of payments
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Group 1 – DeKalb
The ever-increasing emergence of E-commerce, demands that financial institutions be more efficient and better meet customers’ needs
To do this
There are several web-based applications available to lenders and financial institutions to assist in credit decisions
From all of this, we have learned that information technology has spurred competition from nonbanks, encouraged financial innovations that have allowed firms to directly access financial markets, and empowered customers and businesses with information needed to make better investment decisions. At the same time, IT is allowing banks to offer new products, operate more efficiently, raise productivity, expand geographically and compete globally. A more efficient, productive banking industry is providing services of greater quality and value.