Forex Futures Trading

Banking IT

I TA IN BANKING

By

Dr. R. Rajeswari, a professor of Commerce and Director,

Sri Sarada College for Women (Autonomous), Salem-16.

Â

INTRODUCTION

            Indiae € ™ s banking sector has made rapid progress in the reform and alignment with business India environment. competitive banking sector is in the midst of a technological infrastructure revolution. has become an indispensable part of the reform process in the banking system, with the gradual development of sophisticated instruments and innovations in market practices.

 OVERVIEW OF IT IN BANKING

            Indian banking sector today is in the midst of a revolution. A combination of regulatory and competitive reasons have led to the increasing importance of total banking automation in the Indian Banking Technology Industry. Information has been basically used in two different ways on the bench. One of them is communication and connectivity and the other is Business Process Reengineering. Information technology enables the development of sophisticated products, better market infrastructure, implementation of reliable techniques for controlling risks and assistance to financial intermediaries to reach geographically distant and diversified markets.

An entry of new banks, resulted in a paradigm shift in the ways of banking in India. Increasing competition, expectations of growth led to greater awareness among banks on the role and importance of technology in banking. The arrival of foreign and private banks with their superior state-of-the-technology-based services in banks India also pushed to do the same going into the latest technologies to respond to the threat of competition and maintain their customer base.

           With the fierce competition and liberalization policies, banks have diversified into non-traditional areas such as: a

• Merchant banking.
• Leasing.
• Project Finance.
• Trust and pension.
• Executing business Trusteeship.
• Free Based Services.
• Investment Banking.
• Cash Management products.
• Real Estate, Housing Finance in particular.
• The negotiation and syndication of loans to corporate clients in international markets.
• Currency loans.
• Values.
• Gold and gold-related products.
• Management Consultancy for corporate clients.
• Mergers, acquisitions and divestitures.
• Losing Factoring.

 Currently, technology has changed the profile of the three major functions of banks, ie, access to liquidity, asset transformation and control of risks. Moreover, technology information and communication network systems are crucial in the efficiency of money, capital and currency markets.

TECHNOLOGY IN BANKING

            Many of the worldâ ™ € s more banks large and successful have emerged from the technological changes that are able to identity early. The Indian banking industry has a long way to go before it can compete globally. The state of affairs is perpetuated mainly due to the late introduction of communication technology in India banks. Our information technology must be designed to compete with information technology in other parts of the world, if not very fast in the area, can be difficult for us to use the liberalization process.

            The bank, which uses the technology to provide timely information to see increased productivity and thereby gain a competitive edge. to compete in an economy opens up, it is imperative for Indian banks to observe the latest technology and modify it to suit their environment. Not only banks need much greater use of technology for customer friendly, efficient competitive services and existing business and also need the technology to offer new products and new forms of services in an increasingly dynamic and globalized environment. information technology provides an opportunity for banks to develop new systems that address a wide range of customer needs, including many who are not now imaginable.

            Home banking, for example, promises allow customers to make transactions via a direct connection to the banka ™ € s core customer's account will review all functions. their data, all of its date, all checks, the details of your credit card.

            In the future, banks will be freed from the limitations of a single delivery channel. They will be able to create, package, market and distribute products for market segments, and because the price of technology falling, will be able to do so profitably.

            Technology will allow banks to be closer to customers, to offer a wider range of services at lower costs, land to streamline the systems of interest to all data in one place where it can be used to detect trends that may lead quickly to the new provision products. electronic banking services will enable data to be collected and interactive analyzed. give consumers an opportunity to record your preferences, actually the address for new product development.

RECENT DEVELOPMENT SERVICES in banking

            The following services provided by banks are:

1. Automated Teller Machine (ATM)

An ATM is a computerized telecommunications device that provides a financial institution € ™ s customers a secure method for conducting financial transactions in a public space without the need for a human clerk or bank ATMs teller. are linked to Banka € ™ s central computer and identify those customers through magnetic encoding on the card provided to customers and Number Personal Identification Number (PIN), introduced by customer. It updates the customer's account after the completion of the transaction transaction. through ATM can range from simple operations involving cash withdrawals and deposits to make hotel reservations, etc. Â

2. Electronic transfer fund â € "POS (EFTPOS) Â

EFTPOS can be installed on airlines, hotels, railways, Super Bazaars and other business customers botheration centers. rid of carrying cash, as the payments can be made through cards supported by the characteristics security of personal identification numbers (PIN) or password, etc. in selected facilities where POS terminals are terminals installed. point sales may be linked to Bank ™ € s host computer.Â

3. Electronic funds transfer within the system to

To transfer funds between different branches in different parts of the country by connecting these branches through a network that uses the latest technology communication, including satellite, leased lines, dial-up lines, etc.

4. Electronic Clearing Service (ECS) Â

In April 1995, the RBI introduced the electronic clearing service between selected metro centers in the country in which the transfer of funds from one institution to another could be done quickly. ECS is essentially a more efficient management of payment transactions and remittances in bulk to the interior, as pensions, interest, dividends, salary or commission which adds 3 benefits cheques. Customerâ € ™ s inward remittances: speed, Security and Convenience. As a subscriber to ECS, Customerâ € ™ s bank account is credited directly to each due date.

A 5. Credit / debit Â

These cards are used to store information relating to Customerâ € ™ s account and can be used to perform many functions involving purchase of goods and services. These reduce cash handling costs and risk involved in handling cash. Therefore, improving the safety of customers and convenience. debit card is similar to a credit card with some important exceptions. While the process is quick and easy, a debit card purchase transfers money to the storee ™ € s account. So, itâ € ™ s important you have funds in your account to cover the purchase.

A 6. Electronic Pass Book

For the issuer, the system provided low cost, security and easy adaptation to the existing system through two real-life systems that operate in the country.

7. Home Banking

The first commercial home banking system in the UK was launched by a construction company in 1983. Offering a two-way system communication to any subscriber. two thirds of European banks offer home banking systems that provide interrogation account, paying bills, including transactions account, the generation of loans and other banking services.

8. Corporate Electronic Banking

The banks have established for electronic products based on the business customers. The system provides customers with control over funding round the clock and a wide range of market information and reporting. Corporate customers can dial into local access points in the data network through personal computers and modems. thus are instantly connected to group A ™ € s central system

9.a Anywhere Banking

 Banking œAnywhere € â € is done by tying the branches through underground network linked by satellite communications VSAT and computer online network. Inter-connectivity through satellite-based communication channels are much more reliable and efficient than those based on land leased lines.

            Full Network of all branches on all India basis was first introduced in the country for Centurion Bank Ltd. By offering these services, the client becomes a client of the entire bank rather than a branch, like all branches are connected through satellite.Â-A marriage between computers and modern systems has opened the door communications. Highway technology.

A 10. Telebanco

 Telephone Banking is round the clock, â € ~ bank-to-phone's € ™ service to enable customers across the interface telephones. The result is customer satisfaction within the infrastructure available to the client facilities. call your bank, give his password and the effect of transfer. NRIs can also query and issuing instructions at the appropriate time in their respective countries, ie, 24 hours banking.

Facilities offered by a home banking are general information, obtain the statement of the account on any machine fax direct election of Banka € ™ s team may also have the last three operations of his accounts, checkbook requisition, transfer money branch to branch, the project request, stop payment instructions, consultations on plans, rates, general rates of interest, information of clients on the maturities of deposits, etc.

A 11. Extension of the counter (for example, Personal Banking NRI Services)

A This was done primarily to attract foreign currency deposits through specialized NRI income as portfolio management and custody Technology includes services. approved additional terminals. If banks are to provide quality service to its customers are increasingly demanding, they must know them better. Customer Information System can provide this capability and help banks focus their marketing campaigns. The technology to do so is now available.

A 12. SMS Banking

It is a technology-enabled service offering to their customers bank, allow them to operate selected banking services over their mobile phones via SMS SMS Banking messaging. managed services with push and pull Message:

           Push messages are those that the bank decides to send a Customerâ ™ € s mobile phone, without the client initiates a request for information, these are Mobile Marketing messages or warning messages from an event that occurs in the Customerâ ™ € s bank account as a payment using large Customerâ ™ € s credit card, etc.

Extract messages are those that are initiated by the client, using a mobile phone to get information or conduct a transaction at the bank account. Extract messages include a query account balance or current inquiries, as interest rates on deposits, as published and updated by the bank.

13.A of Internet Banking

For the banks to financial services companies are now beginning to realize the tremendous potential of the Internet. Internet Banking can be done through a banka ™ € s website, the bank also has a physical structure or the user can choose a â € € œvirtualâ bank or financial institution that has no public building and there's only Internet banking online. usually done through a computer personal (PC) that connects to the bank website through Internet banking internet.This can also be done through both wireless technology personal digital assistant (PDA) and Cellular Phones. Internet banking, while providing general banking services to customers, provides the following Additional services:

aa) eTAX

Banks like IDBI have facilitated the process of paying taxes through the implementation of the eTAX project. payment of excise and customs duties through the Internet is also possible. SBI e-tax is an online payment service facility. This saves time is convenient, hassle and paperless. is available in a 24 x 7 basis and allows the user to pay taxes online with ease and simplicity.

b) Remittances online

Another example of how well it is aligned with the bank, and is providing value to customers, it is best online beneficiaries of remittances around the world. in India is credited with the remittance money within hours.Â

c) Line of bancassurance Â

This is a package of financial services involving the distribution of insurance products through banka € ™ s branch network. Online Bancassurance provides the client to pay insurance premiums at a low cost, by visiting the question banka € ™ s website, this has led to the migration of customers high transaction costs of low-cost branch line interfaces, bringing down the total cost per transaction.

 d) payment electronic invoice

Electronic bill payment is a feature of online banking, allowing a depositor to send money account the demand of a creditor or as a public service provider or a department store to be credited against a particular Payment account. optimally executed electronically in real time, although some financial institutions and payment service to wait until the next business day to send payment. Â

A e) of the online shop

 Now the user can choose the products and pay with Internet Banking Facility. banks like ICICI Bank to facilitate customers to buy variety of products online shopping partner of websites. Payment can be made conveniently using Customerâ € ™ s ICICI Bank Account.Â

 f) Other Value Added Services from a

Some banks also offer value added services in the areas of rail Installing reservation. has been launched in September World Economic Forum 1, 2003, in association with the regime IRCTC. Facilities Booking Railway Ticket Online. So doesn € ™ t customers must be in queues. Now the user can recharge prepaid mobile anytime and anywhere in minutes per session on the Internet Banking.Â

CONCLUSION

            We can say that they have placed in the center of banking functions. No doubt the Indian banks are not as technologically advanced as their counterparts in the developed world, but most are following the trends IT in international face up to the expectations of all banks quarters. new generation showed the way and had no choice to continue the infusion of technology to attract and retain profitable customers.

            However, Joseph D. Giarraputo, publisher of Global Finance, comments, â € œ The continuing improvements in Internet offerings represented by this thata s ™ € Yeara entries show the evolution of the largest Internet banking are still ahead of us.â €

About the Author

Dr. R. Rajeswari, Reader in Commerce & Principal,
Sri Sarada College for Women (Autonomous), Salem-16.

Hack Paypal New Trick Of 2010 Only For Usa

The Forex Mindset By Martinez, Jared $39.85 Author: Martinez, Jared Subtitle: The Skills and Winning Attitude You Need for More Profitable Forex Trading Publication Date: 2011/06/23 Binding Type: Hardcover Language: English Depth: 1.00 Width: 6.25 Height: 9.25

Forex Revolution $41.85 This book is in Used condition

Forex Simplified $22.46 This book is in New - Excellent condition

Profiting With Forex $41.25 This book is in New - Excellent condition

Forex Conquered $67.5 This book is in New - Excellent condition

Forex Revolution By Rosenstreich, Peter $39.83 Author: Rosenstreich, Peter Subtitle: An Insiders Guide to the Real World of Foreign Exchange Trading Publication Date: 2011/03/15 Number of Pages: 277 Binding Type: Paperback Language: English Depth: 0.75 Width: 5.75 Height: 8.75

Forex Frontiers By Cavric, Ivan $66.79 Author: Cavric, Ivan Subtitle: The Essentials of Currency Trading Publication Date: 2011/09/01 Number of Pages: 228 Binding Type: Hardcover Language: English Depth: 0.90 Width: 6.25 Height: 9.00

Thirty Days of Forex Trading $63.75 This book is in New - Excellent condition

The Forex Chartist Companion $100.59 This book is in Used condition

Beat the Odds in Forex Trading $70.1 This book is in Used condition

The Forex Trading Course $45 This book is in New - Excellent condition

Forex Shockwave Analysis $56.25 This book is in New - Excellent condition

Forex Made Easy $22.46 This book is in New - Excellent condition

Forex Patterns And Probabilities $63.75 This book is in New - Excellent condition

The 10 Essentials of Forex Trading $26.21 This book is in New - Excellent condition

Selective Forex Trading $63.75 This book is in New - Excellent condition

Forex Wave Theory $56.25 This book is in New - Excellent condition

ForeX Trading for Maximum Profit $63.75 This book is in New - Excellent condition

Charting the Major Forex Pairs $63.75 This book is in New - Excellent condition

SBI AC03350 29x44 faceplate for insert $236.93 Size: 29 x 44 . Brushed nickel surround trim. Satisfaction ensured. Made from the finest materials. Committed to bring you the best products on the market.

Forex Patterns And Probabilities By Ponsi, Ed $93.2 Author: Ponsi, Ed Series Title: Wiley Trading Subtitle: Trading Strategies for Trending and Rangebound Markets Publication Date: 2007/07/27 Number of Pages: 250 Binding Type: Hardcover Language: English Depth: 1.25 Width: 6.25 Height: 9.00

Beat the Forex Dealer By Silvani, Agustin $62.13 Author: Silvani, Agustin Series Title: Wiley Trading Subtitle: An Insiders Look into Trading Todays Foreign Exchange Market Publication Date: 2008/11/24 Number of Pages: 236 Binding Type: Hardcover Language: English Depth: 1.00 Width: 6.25 Height: 9.25

Forex Trading Using Intermarket Analysis $14.96 This book is in New - Excellent condition

Getting Started in Forex Trading Strategies $14.96 This book is in New - Excellent condition

SBI AC03095 UltraQuiet 130 CFM Blower $231 This variablespeed blower works great with the Escape 1800 Wood Stove. Satisfaction ensured. Made from the finest materials.

SBI DB03160 Eastwood 1800 wood stove $1699.93 Adjustable handle. Log loading over width. Air wash system. Glass door with heavy duty cast iron frame. Easy to access ash pan. Heats up to 1 800 square feet. Heating capacity: 12 000 to 70 000 BTU. Flue pipe diameter: 6 inches. Log length up to 20 inches. Firebox dimensions: 21 W x 16 5 D x 11 25 H. Shipping weight: 374 pounds. Firebox volume: 2 2 cu. ft. Exterior dimensions: 25 25 W x 26 D x 30 5 H

SBI DB02800 27H Adironadack Wood Stove $1633.59 Mobile home approved. Adjustable door handle. Log loading over width. Easy to access ash pan. Air wash system. Heavy duty cast iron door. Heats up to 1 500 sq.ft. Heating capacity: 20 000 to 55 000 BTU. Flue pipe diameter: 6 inche. Log length up to 19 inches. Weight of 285 pounds. Firebox volume: 1 5 cu.ft. Exterior dimensions: 26 W X 20 D X 27 H

The Ed Ponsi Forex Playbook By Ponsi, Ed $72.49 Author: Ponsi, Ed Series Title: Wiley Trading Subtitle: Strategies and Trade SetUps Publication Date: 2010/07/26 Number of Pages: 222 Binding Type: Paperback Language: English Depth: 1.00 Width: 7.00 Height: 10.00

Sbi Enterprises/Flybar Inc. 2030 Fb Maverick Pogo Stick $40.95 The FB Foam Maverick Pogo Stick provides lots of good healthy fun and exercise for boys and girls ages 5 to 9. This precision made blue and grey foam covered metal Pogo Stick will safely support 40 to 80 lbs. Features easygrip replaceable handles grips and a rubber tip to help the rider stay in control. Comes fully assembled.

SBI AC05520 100 CFM Blower with Variable Speed Control $212.04 Blower with variable speed control fits on most Drolet models manufactured prior to 2001. Satisfaction ensured. Made from the finest materials.