All posts tagged ATM

The Banking Sector in the UAE

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The global economic crisis in 2008 had a great impact on the U.A.E. Several banks reported that there were high non-performing loans from 2009 to 2011. Thankfully, the economy recovered well and quickly after the financial meltdown. The reason that the U.A.E. could recover so quickly, was because they immediately set up an additional liquidity facility of around 14 billion dollars, which was available to the banks should they need it, but was luckily not really used. This crucial move stabilized the banks, and prevented further repercussions from the financial crisis. With the proactive steps taken by the government, as well as the blessing of natural crude oil, the economy of the U.A.E was able to bounce back quite effortlessly from what seemed like complete bankruptcy to most people.

There are around 23 local banks in the U.A.E., as well as 28 foreign banks operating there. These banks also have special Islamic banking, which has become increasingly famous in recent years. There are different kinds of accounts available, and foreigners have the option of opening their bank accounts either in the local currency, or in a foreign currency. Almost all the banks in the U.A.E. allow their customers to avail of personal Internet banking. The country in general is technologically savvy, and almost everything can be done over the web. Apart form this, all banks have ATM facilities, and customers of one bank can use the ATM of another bank. There is also a number of business banking facilities available to the large number of businessmen in the country. Current account holders can make cheque payments for all of their day-to-day expenses. Based on the credit of the account holder, overdraft facilities are also available to current account holders.

Whether you having personal or corporate banking needs, the banks in the U.A.E. are more than capable of helping you reach your goals. Even though they did meet with a slight set back due to the financial crisis, they have showed great power in being able to recover so fast, when most of the world is still reeling from the aftermath of the economic meltdown. The Central Bank of the U.A.E. has laid down several guidelines in 2011 to regulate loans and other banking services offered to individuals in an attempt to control all the banking to ensure stability. The export of oil from the entire gulf region has doubled since the year 2009. They exports have now reached 1 trillion Dollars. It is expected that by 2020, the figure will reach 2 trillion Dollars. With such promising figures, it is evident that the banking sector in the U.A.E. is really very strong.

IT Support Services to Banking Sector

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With the other industries the banking industry is also growing at a significant good rate today. The main reason behind this is the use of the latest technology tools. In the olden days banking was done on paper but now it is done electronically with the help of computers. Many IT Support Company are giving their IT services to the banking sector.

It has been observed during the last few decades that IT infrastructure services have been taken by the banks and other financial institutions. In the early 80s the banks started to make their branches computerized and were purchasing the software packages. In the early 90s replacement of the computer systems with the inexpensive and latest technology powered PCs began. Information technology opened up the way for the banks to make their products sophisticated, diversified and adopting new techniques and make better market infrastructure. The internet has become the remote channel of communication between banks and its customers.

The E-Banking came to the United States of America and the United Kingdom in between 1020 to 1030 and now India is also following it. Most of the banks have made their services based on these technologies and equipments which are offered by many IT support companies. Now the customers can view their account summary, status, receipts, transaction records, can make online funds transfer and many more online options like these. Undoubtedly today banking has become more fast and easy and the customers expectations are also increased. Now the customer needs not to have its account summary on registers because everything is now online with the advent of the internet technology which is providing many benefits to the customers as well as the banks.

A customer can take his cash fast and easy with the use of an ATM machine. He can use his debit or credit card for purchasing purposes. He can use e-cheques, mobile banking, telephone banking and internet banking for remote transactions. He can also make payment transfers when the bank is closed. Easy to keep an eye or monitor the account status. It is cost effective for the bank because thousands of customers can be handled at a time and no need to use so many clerks.

We can say that technology has always played an important role in the growth of financial organizations and banks. It has shortened the paths of long transactions to smaller ones. It is giving proper service quality and satisfaction to the customers.

Branchless Banking The Financial Services Of The Future

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There are some exciting and innovative times ahead for the banking industry. The world’s financial organisations always looking for new ways to offer customers the sophisticated levels of service they want while simultaneously cutting costs, and one exciting area of development is branchless banking.

Customers are already extremely familiar with the functionality on offer at the average ATM machine and a large proportion have also got to grips with all of the excellent services available through online and mobile banking. Now, there are engineers and inventors quietly working on ways to boost the brilliant services provided by these technologies, making it possible for people to find a full range of banking functions on offer from a computerised terminal.

There was once a time when such a proposition seemed unlikely to take off, but that was long before the days of self service checkouts at local supermarkets and swipe cards to get on and off public transport. As the world becomes increasingly technologized, a far greater portion of the population is highly computer literate and on the look out for all innovations that can help them better utilise their free time.

The convenience of branchless banking services is one of its major selling points. The ability to access financial details on the go or at a conveniently placed ATM machine rather than having to set time aside to visit a physical branch is something that greatly appeals to today’s time-poor workers. What’s more, the range of different online and computer facilitated services available means that there are a good range of options for people to choose from.

While some customers will always prefer the option of speaking to a teller, others welcome the anonymity of sorting out their finances at a fully functional ATM machine or paying bills via their phones. It’s up to banks to consider the needs of their far reaching customer bases and provide the most appropriate service for them all. As technology continues to grow, it is increasingly likely that more and more customers begin looking for branchless solutions for their banking needs.

Retail teller machines are huge development when it comes to the potential of branchless banking. These, unlike ATM machines, tend to be cashless, and are instead designed to talk customers through the various policies and services the bank offers in a no pressure environment. This will appeal to customers who want to learn about the products open to them, but who want to have plenty of time to consider their options as well as avoid a potential hard sell.

RTMs can already reduce queues and pressure in bank branches and the fact that they could be installed and maintained in areas where a full branch isn’t feasible means they’re sure to offer ever greater options to customers in the future. The further development of RTM and ATM software designed to simplify financial services will help make it increasingly easier for the average customer to get the information and services they need while also helping banks cut costs.

Smartphone Mobile Apps The Success Story in Banking

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While online banking through a desktop computer is more convenient than going to the bank and physically depositing a check, todays banking customers demand facilities even while they are on the move. Smartphone mobile apps for banking are becoming a huge trend because they are so convenient and easy to use. After all, who would not want the convenience of being able to deposit checks or review their account balances on the move? Developers are cashing in on this need by coming up with a variety of smartphone applications.

Among banking customers, mobile apps download is becoming quickly catching on due to their convenience and ease of access. Users can even deposit checks with the press of a button such as an Android app developed by JP Morgan for its Android users.
Geo-location facilities that are available on most smartphones allow users to track where they are, and locate particular branches of the bank. Popular mobile banking activities include:

Viewing account balance and transaction history
Payment of bills
Transferring funds between accounts
Making third-party payments
Locate branches of the bank and ATM counters

Timely access to information is also a big reason why these smartphone mobile apps are so popular. If a user is away from their desktop computer, it could get difficult to know when an important transaction or bill payment date is due. This is where mobile banking could be of great use. The bank can send the user a timely Short Text Message (SMS) message warning them of the due date of any of their payments. The user can make the payment simply by downloading an application on their phone that allows them to make payments on the go.

As Apples iPhone, Googles Android, and Research in Motions Blackberry race to grab a chunk of the apps market, several major banks are playing it safe by recruiting mobile application development companies to design apps for their different sets of users. Thus Royal Bank of Canada has apps for their Blackberry and iPhone users. Often, apps are designed specifically for a bank and the users model of smartphone. Chase Manhattan Bank has an app that allows users to take photos of a check using their camera phones before depositing it.

Quick Response (QR) codes allow customers to scan barcodes and use digital coupons for their transactions with the bank. The best part of this technology is that it gives people the ability to do their banking activities on the move, a very convenient facility during transit or in-between meetings. Responding to the growing need for mobility, banks are also coming up with various QR-based applications, which are expected to become more popular in the years to come.
Research estimates say that by 2015, mobile banking will reach 1.1 billion people and apps will come packed with more innovative technologies. Taking advantage of this trend, smartphone mobile apps developers are coming up with innovative products to help banks have better, timely communication with their customers.

Application of Online Database in Banking System

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Suppose your personal important document is stored in an online database and has been connected to the web page with programming thus enabling you to see your personal important document. Think if the database software holding your important document to be full of securities. Only secure web database can save your document and it can be accessible to any part of the Globe. Besides your personal important document another significant application of online database is banking system that became integral part of every individual in modern banking system, whatever may be internet banking, mobile banking or another term used is core banking. Recent advancement of banking system like ATM, core banking using Information Technology people is very safe while they are traveling far way from home. It is still unsafe traveling with good amount of money, some time pulls your life in danger.

The main advantage of using an ATM is the fact that you can have access banking database up to certain level and as your requirement of cash in your bank account from any part of world, whenever you need it.

For instance, you are at a store that does not take checks or credit cards but it has an ATM, you can withdraw the money for your purchase. This also means you can travel anywhere without cash. If the location has an ATM and you have your ATM card, you can access your money instantly. Now days ATMs are not just technology you can use to access cash using online database software. Some ATMs you can transfer funds between accounts, buy stocks, check account balances and even buy stamps. All of these features can be accessed with one debit card or credit card and a PIN number. If you take measures to protect your PIN and account information, having access to an ATM is very convenient and makes life’s little emergencies far less challenging.

Cautions While Using ATM: You do need some carefulness when using an ATM. Identity thief in recent times using useless ATM receipts to get the bank account numbers of innocent customers. Consumers who have an ATM card are assigned a PIN to use when accessing their funds. Shoplifter sometimes stands close behind an ATM user to get this PIN, and then pinch his purse with the ATM card in it to cheat money from the account.