Banking and Finance with IT

1. By Ewan and Owen Banking and Finance with IT

2. Introduction In this presentation we will be talking about the different aspects of business and finance. We will discuss :- Electronic funds transfers Automated teller machines Internet Banking and brokerage Electronic cash Insurance

3. EFT (electronic funds transfer) • Electronic funds transfer is when money is transferred electronically. • EFTs have replaced checks as the main way to transfer money between people and organizations. as its simpler, more secure and cheaper to the government to handle EFTs instead of checks • Electronic funds transfer use cards and codes to verify its use

4. ATMs • ATMs need to be reliable so it doesn’t make a mistake with its transactions. They go through a lot of testing to make sure they work properly. • An automated teller machine is a computer station that an individual can withdraw money, make deposits and transfer money between accounts. • ATMs make it easier for a user to make a transaction but it takes away jobs from the bank as they replace tellers.

5. Internet banking and Brokerage • A brokerage firm is an organization that acts as a stock broker. They trade business stocks and securities. Using the internet a person can contact their brokerage firm and can buy stocks easier and faster. • Internet banking is banking which allows the customers to perform financial transactions on a secure website operated by their bank. • Internet banking use a more secure way of verifying the account than other websites. They use a system of a pin/tan system to verify their users.

6. Electronic Cash This means that people can have access to their money with out any actual contact. It would need to be protected and deposits and withdraws have to be secure as the information governs a persons livelihood. • Electronic cash is cash that is represented digitally by electronic cash transfers, deposits and video game money that can be transferred for real currency.

7. Insurance • People are increasingly using the internet to get insurance. They use it to find the companies, get quotes from them and purchase any type of insurance they need. • This means it would be easier on the customer and customers can get the best deal they can.

8. AdvantagesDisadvantages • Its fast • Allows easier access to global markets • Its cheaper to use than traditional methods • More convenient for the general public • Reduces service and product cost • Internet fraud • Not always secure • Heavy reliance on IT systems • The system must be reliable and secure as it holds valuable information. It needs to have protection from hackers and unauthorized users.

9. Conclusion • We believe that banking and finance with IT is a great asset to users in the modern world. It provides users with easy access to their finances and personal accounts. This has developed to a stage in which everyone can use it because it is easily accessible and has already become a standard. With time this will evolve into a safer more user friendly and reliable form of banking.

10. Resources • http://www.smartmoney.com/investing/economy/smartmoneys-annual-broker-survey-23119/ • http://www.ruthtrumpold.id.au/itgswiki/pmwiki.php?n=Main.Bank