Askari Bank and Atm

INTRODUCTION

IT has evolved banking a lot recently. Now banking has become computerized and digitized. It has become faster, easier and widespread. Now almost any thing can be done online. If we go 10 years back, we will find a lot of change in banking style. Now we will see how exactly banking has changed and how IT has evolved banking.

If we rewind to 10 years back, we used to use ledger books to record financial transactions, banking was completely paper based, and the records were kept in the customer books. It was very hard, if one wanted to see his/her previous records, the bankers had to search for the related files among the huge piles of ledgers which was time consuming and errors were also possible. They used databases to keep complete record and information of their customers so that it becomes easier to deal with them. It has all the records of transactions made by their customers. Calculations were being done by the bankers which did have chances of mistakes. Calculations have become fast due to pre defined programs.

When the IT has been introduced every thing is computerized, and digitized. There are many soft wares used in banking in order to get the work done more efficiently and have very less chances of errors and repetitions. Oracle is computer language which is being used by the different banks including Askari bank. It is the best complex computer language. It is being used by the bankers for keeping internal information. Oracle has introduced a software flex cube which is used for financial system support.

Now if we come to customer’s convenience different banks have introduced ATM’s at different places so that people can easily do their transactions, pay their utilities bills easily from anywhere at any time.

If we look at 10 years back different fund were being transferred from one branch to another through fax and telex but now when the new technology has been introduced, they can be paid through online cheque payment. Now physical verification is out and it’s not time consuming either.

Rewind to ten years back. Depositing money into your savings account, transferring money to pay your landlord, or simply needing a 30 day bank statement required you to visit your nearest Standard Bank branch. Not something any of us can forget – having to brave those queues on a Saturday morning, since we had to be at work during the week. Saturday was just most convenient, as most of your neighborhood thought.

The above transactions could take anytime up to an hour or more, depending how busy the day is. Bear in mind that the bank shuts at 11am on a Saturday, to the public. Those who were already in the queue, would be seen to until 12pm or however long it took. Today we can easily pay our utility bills, transfer money into savings account, pay off our credit card and purchase airtime all via internet banking and cell phone banking.

Few years back we always on the lookout for mobile services; basically any thing that is convenient and makes life easier. Internet banking and cell phone banking have in a way changed our lives.

Internet banking is now very easy to get signed up in. Back then it was still considered something “new”. Most people were concerned about online safety and possible fraud. If it meant not having to go into a branch to do the transaction, one was definitely interested in.

A few years later, cell phone banking was launched. Curious about this new convenience, people signed up for it. People very pleased that they could check balances on all their accounts in about a minute. Now purchasing foreign exchange can also be done online.

There is always a concern for security when doing transactions online. With internet banking, every time you login to your account, you get an SMS notification or email, depending which one you opt for. You also get notifications when you add a recipient, transfer funds between accounts, purchasing airtime etc, basically any transaction done on the account.

Cell phone banking comes very handy when people don’t have access to the internet. This generally occurs when their internet gets capped. Cell phone banking is very simple. For internet banking, all you will then be prompted for a MOPIN – a mobile pin, which you choose when registering. Options will be displayed on your screen. If your cell phone gets stolen, there is no way anyone can access your account. Just make sure you retrieve your number with the 24hr period. Need to do to login is key.

Now banks are using MIS (management information system) which helps to collaborate all the departments. With the help of MIS the regulatory reports to state bank can be easily send. Now the reports are not paper based, there are no more log books they can be easily send to state bank online. MIS helps in making accurate balance