Banks play a crucial role in local and international economies by helping the flow of money, managing deposits and withdrawals, lending money, and facilitating transactions. The sector includes various types of banks such as commercial banks, investment banks, central banks and cooperative banks.
As ubiquitous as banking is, there are still a lot of concepts in the industry, making it difficult to have a good understanding of the sector.
Deciphering banking technology
Advances in the digital landscape, such as blockchain and artificial intelligence, are reshaping traditional banking processes. With the development of banking technology, several financial institutions began employing digital tools, systems and platforms to streamline banking operations, optimize customer experiences and manage transactions efficiently.
As the digital landscape evolves, banking technology becomes increasingly important in driving the future of finance, driving advancements and facilitating financial inclusion.
Enter the banking technology ecosystem
A quick glossary produced by TechRepublic Premium will make it easier to learn and understand key concepts related to banking technology.
This exclusive resource explains what electronic data interchange means. This concept refers to the electronic exchange of documents and business information between organizations in a standardized format. It enables the seamless transmission of data, such as purchase orders, invoices and payments, between different systems.
It also discusses mobile banking, a service provided by banks and financial institutions that allows account holders to access and manage their accounts using mobile devices such as smartphones or tablets. Mobile banking allows users to carry out various transactions, check balances, transfer funds, pay bills and receive notifications through mobile applications or dedicated websites.
Online fraud is also discussed in the glossary. It is defined as fraudulent activities carried out over the Internet with the intention of deceiving and exploiting people or organizations for financial gain. Examples include phishing scams, identity theft, credit card fraud, and unauthorized access to accounts or sensitive information.
Related to online fraud is electronic fraud. This refers to the act of intentionally using electronic communications, such as phone calls or emails, to deceive someone and fraudulently obtain money or assets. Wire fraud generally involves fraudulent schemes intended to trick individuals or organizations into sending funds electronically.
Another concept explored in this resource is bank transfer. It is a method of electronically transferring funds between bank accounts. It involves the direct transfer of money from one bank to another, usually for larger amounts or urgent transactions. Bank transfers are commonly used for international transactions.
Other terminologies covered in the resource are ATM, bill pay, and e-check.
There is no wealth like knowledge. Learn banking technology by downloading the quick 25-page glossary for $9 at TechRepublic Premium.
