Hi tech banking

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CHAPTER 1
Introduction to Banking Technology and Management
HI-TECH BANKING
ABSTRACT
This chapter introduces banking technology as a confluence of several
disparate disciplines such as finance (including risk management), information
technology, computer science, communication technology, and marketing science.
It presents the evolution of banking, the tremendous influence of information and
communication technologies on banking and its products, the quintessential role
played by computer science in full filing banks’ marketing objective of servicing
customers better at less cost and thereby reaping more profits. It also highlights the
use of advanced statistics and computer science to measure, mitigate, and manage
various risks associated with banks’ business with its customers and other banks.
The growing influence of customer relationship management and data mining in
tackling various marketing-related problems and fraud detection problems in the
banking industry is well documented. The chapter concludes by saying that the
banking technology discipline is all set for rapid growth in the future.

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INTRODUCTION
The term “banking technology” refers to the use of sophisticated information
and communication technologies together with computer science to enable
banks to offer better services to its customers in a secure, reliable, and
affordable manner, and sustain competitive advantage over other banks.
Banking technology also subsumes the activity of using advanced computer
algorithm sin unraveling the patterns of customer behavior by sifting through
customer details such as demographic, psychographic, and transaction all data.
This activity, also known as data mining, helps banks achieve their business
objectives by solving various marketing problems such as
1. Customer segmentation, customer scoring, target marketing, market-basket
analysis, cross-sell, up-sell, customer retention by modeling churn, and so forth.
Successful use of data mining helps banks achieve significant increase in profits
and there by retain sustainable advantage over their competitors. From a theoretical
perspective, banking technology is not a single, stand-alone discipline, but a
confluence of several disparate fields such as finance (subsuming risk
management), information technology, communication technology, computer
science, and marketing science. Depicts the constituents of banking technology.

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From the functional perspective, banking technology has three important
dimensions, as follows;
2. The use of appropriate hardware for conducting business and servicing the
customers through various delivery channels and payment systems and the
associated software constitutes one dimension of banking technology. The
use of computer networks , security algorithms in its transactions, ATM and
credit cards, Internet banking, tele-banking, and mobile banking are all
covered by this dimension. The advances made in information and
communication technologies take care of this dimension
3. On the other hand, the use of advanced computer science algorithms to solve
several interesting marketing-related problems such as customer
segmentation, customer scoring, target marketing, market-basket analysis,
cross-sell, up-sell, and customer retention faced by the banks to reap profits
And outperform their competitors constitutes the second dimension of banking
technology. This dimension covers the implementation of a data warehouse for
banks and conducting data mining studies on customer data

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Moreover, banks cannot ignore the risks that arise in conducting business
with other banks and servicing their customers, otherwise their very existence
would be at stake.
Thus, the quantification measurement, mitigation, and management of all the
kinds of risks that banks face constitute the third important dimension of
banking technology. This dimension covers the process of measuring and
managing credit risk, market risk, and operational risk. Thus, in a nutshell, in
‘banking technology’, ‘banking’ refers to the economic, financial, commercial
and management aspects of banking,
While ‘technology’ refers to the information and communication technologies,
computer science, and risk quantification and measurement aspects
Evolution of Banking
Despite the enormous changes the banking industry has undergone through
during the past20 year let alone since 1943
One factor has remained the same: the fundamental nature of the need
customers have for banking services. However, the framework and paradigm
within which these services are delivered has changed out of recognition. It is

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clear that people’s needs have not changed, and neither has the basic nature of
banking services people require. But the way banks meet those needs is
completely different today. They are simply striving to provide a service at a
profit.
Banking had to adjust to the changing needs of societies, where people not
only regard a bank account as a right rather than a privilege, but also are aware
that their business is valuable to the bank, and if the bank does not look after
them, they can take their business elsewhere(Engler & Essinger, 2000). Indeed,
technological and regulatory changes have influenced the banking industry
during the past 20 years so much, that they are the most important changes to
have occurred in the banking industry, apart from the ones directly caused by
the changing nature of the society itself. In this book, technology is used
interchangeably within formation and communication technologies together
with computer science. The relation-ship between banking and technology is
such that nowadays it is almost impossible to think of the former without the
latter. Technology is as much part of the banking industry today as a ship’s
engine is part of the ship. Thus, like aship’s engine, technology drives the
whole thing forward (Engler & Essinger, 2000). Technology in banking ceased
being simply a convenient tool for automating processes. Today banks use
technology as a revolutionary means of delivering services to customers by

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designing new delivery channels and payment systems. For example, in the case
of ATMs, people realized that it was a wrong approach to provide the service as
an additional convenience for privileged and wealthy customers.
It should be offered to the people who find it difficult to visit the bank
branch. Further, the cost of delivering the services through these channels is
also less. Banks then went on to create collaborative ATM networks to cut the
capital costs of establishing ATM networks, to offer services to customers at
convenient locations under a unified banner ( Engler & Essinger, 2000).
People interact with banks to obtain access to money and payment systems
they need. Banks, in fact, offer only what might be termed as a secondary level
of utility to customers, meaning that customers use the money access that banks
provide as a means of buying the things they really want from retailers who
offer them a primary level of utility. Customers, therefore, naturally want to get
the interaction with their bank over as quickly as possible and then get on with
doing something they really want to do or with buying something they really
want to buy. That explains why new types of delivery channels that allow rapid,
convenient, accurate delivery of banking services to customers are so popular.

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Nowadays, customers enjoy the fact that their banking chores are done
quickly and easily (Engler & Essinger, 2000).This does not mean that the brick-
and-mortar bank branches will completely disappear. Just as increasing
proliferation of mobile phones does not mean that landline telephone kiosks
will disappear, so also the popularity of high-tech delivery channels does not
mean that physical branches will disappear altogether. It has been found that
corporate and older persons prefer to conduct their business through bank
branches (Engler &Essinger, 2000).The kind of enormous and far-reaching
developments discussed above have taken place along with the blurring of
demarcations between different types of banking and financial industry
activities. Five reasons can be attributed to it;
1. Governments have implemented philosophies and policies based on
an increase in competition in order to maximize efficiency. This has resulted in
the creation of large new financial institutions that operate simultaneously in
several financial sectors such as retail, wholesale, insurance, and asset
management.
2. New technology creates an infrastructure allowing a player to carry
out a wide range of banking and financial services, again simultaneously.

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3. Banks had to respond to the increased prosperity of their customers
and to customers’ desire to get the best deal possible. This has encouraged
banks to extend their activities into other areas.
4. Banks had to develop products and extend their services to
accommodate the fact that their customers are now far more mobile. Therefore
demarcations are breaking down.
5. Banks have every motivation to move into new sectors of activity in
order to try to deal with the problem that, if they only offer banking services,
they are condemned

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CHAPTER 2
HI-TECH BANKING
SOURCES OF HI-TECH BANKING
1. E-COMMERCE
E-commerce (also written as e-Commerce, e-Commerce or similar
variants), short for electronic commerce, is trading in products or services
using computer networks, such as the Internet. Electronic commerce draws
on technologies such as mobile commerce, electronic funds transfer, supply
chain management, Internet marketing, online transaction
processing, electronic data interchange(EDI), inventory management
systems, and automated data collection systems. Modern electronic
commerce typically uses the World Wide Web for at least one part of the
transaction's life cycle, although it may also use other technologies such as
e-mail.
E-commerce businesses may employ some or all of the following:
 Online shopping web sites for retail sales direct to consumers
 Providing or participating in online marketplaces, which process third-party
business-to-consumer or consumer-to-consumer sales

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 Business-to-business buying and selling
 Gathering and using demographic data through web contacts and social media
 Business-to-business electronic data interchange
 Marketing to prospective and established customers by e-mail or fax (for
example, with newsletters)
 Engaging in pre tail for launching new products and services
There are 6 basic types of e-commerce:
a. Business-to-Business (B2B)
b. Business-to-Consumer (B2C)
c. Consumer-to-Consumer (C2C)
d. Consumer-to-Business (C2B)
e. Business-to-Administration (B2A)
f. Consumer-to-Administration (C2A)
a. Business-to-Business (B2B)
Business-to-Business (B2B) e-commerce encompasses all electronic transactions
of goods or services conducted between companies. Producers and traditional
commerce wholesalers typically operate with this type of electronic commerce.

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b. Business-to-Consumer (B2C)
The Business-to-Consumer type of e-commerce is distinguished by the
establishment of electronic business relationships between businesses and final
consumers. It corresponds to the retail section of e-commerce, where traditional
retail trade normally operates.
These types of relationships can be easier and more dynamic, but also more
sporadic or discontinued. This type of commerce has developed greatly, due to the
advent of the web, and there are already many virtual stores and malls on the
Internet, which sell all kinds of consumer goods, such as computers, software,
books, shoes, cars, food, financial products, digital publications, etc.
When compared to buying retail in traditional commerce, the consumer usually has
more information available in terms of informative content and there is also a
widespread idea that you’ll be buying cheaper, without jeopardizing an equally
personalized customer service, as well as ensuring quick processing and delivery
of your order.
c. Consumer-to-Consumer (C2C)
Consumer-to-Consumer (C2C) type e-commerce encompasses all electronic
transactions of goods or services conducted between consumers. Generally, these

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transactions are conducted through a third party, which provides the online
platform where the transactions are actually carried out.
d. Consumer-to-Business (C2B)
In C2B there is a complete reversal of the traditional sense of exchanging
goods. This type of e-commerce is very common in crowd sourcing based projects.
A large number of individuals make their services or products available for
purchase for companies seeking precisely these types of services or products.
Examples of such practices are the sites where designers present several
proposals for a company logo and where only one of them is selected and
effectively purchased. Another platform that is very common in this type of
commerce is the markets that sell royalty-free photographs, images, media and
design elements, such as iStockphoto.
e. Business-to-Administration (B2A)
This part of e-commerce encompasses all transactions conducted online
between companies and public administration. This is an area that involves a large
amount and a variety of services, particularly in areas such as fiscal, social
security, employment, legal documents and registers, etc. These types of services

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have increased considerably in recent years with investments made in e-
government.
f. Consumer-to-Administration (C2A)
The Consumer-to-Administration model encompasses all electronic transactions
conducted between individuals and public administration.
Examples of applications include:
 Education – disseminating information, distance learning, etc.
 Social Security – through the distribution of information, making payments,
etc.
 Taxes – filing tax returns, payments, etc.
 Health – appointments, information about illnesses, payment of health
services, etc.
Both models involving Public Administration (B2A and C2A) are strongly
associated to the idea of efficiency and easy usability of the services provided to
citizens by the government, with the support of information and communication
technologies.

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Advantages of e-commerce
The main advantage of e-commerce is its ability to reach a global market,
without necessarily implying a large financial investment. The limits of this type of
commerce are not defined geographically, which allows consumers to make a
global choice, obtain the necessary information and compare offers from all
potential suppliers, regardless of their locations.
By allowing direct interaction with the final consumer, e-commerce shortens
the product distribution chain, sometimes even eliminating it completely. This
way, a direct channel between the producer or service provider and the final user is
created, enabling them to offer products and services that suit the individual
preferences of the target market.

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E-commerce allows suppliers to be closer to their customers, resulting in
increased productivity and competitiveness for companies; as a result, the
consumer is benefited with an improvement in quality service, resulting in
greater proximity, as well as a more efficient pre and post-sales support. With
these new forms of electronic commerce, consumers now have virtual stores
that are open 24 hours a day.
Cost reduction is another very important advantage normally associated with
electronic commerce. The more trivial a particular business process is, the greater
the likelihood of its success, resulting in a significant reduction of transaction costs
and, of course, of the prices charged to customers.
Disadvantages of e-commerce
The main disadvantages associated with e-commerce are the following:
 Strong dependence on information and communication technologies (ICT);
 Lack of legislation that adequately regulates the new e-commerce activities,
both nationally and internationally;
 Market culture is averse to electronic commerce (customers cannot touch or
try the products);
 The users’ loss of privacy, the loss of regions’ and countries’ cultural and
economic identity;

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 Insecurity in the conduct of online business transactions.
2. CREDIT CARD AND DEBIRT CARD
Credit card
A credit card is a payment card issued to users (cardholders) as a method
of payment. It allows the cardholder to pay for goods and services based on the
holder's promise to pay for them. The issuer of the card (usually a bank) creates
a revolving account and grants a line of credit to the cardholder, from which the
cardholder can borrow money for payment to a merchant or as a cash advance.
A credit card is different from a charge card: a charge card requires the
balance to be repaid in full each month. In contrast, credit cards allow the
consumers a continuing balance of debt, subject to interest being charged. A credit
card also differs from a cash card, which can be used like currency by the owner of
the card. A credit card differs from a charge card also in that a credit card typically
involves a third-party entity that pays the seller and is reimbursed by the buyer,
whereas a charge card simply defers payment by the buyer until a later date.

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Debit card
A debit card (also known as a bank card or check card) is
a plastic payment card that provides the cardholder electronic access to their bank
account(s) at a financial institution. Some cards may bear a stored value with
which a payment is made, while most relay a message to the cardholder's bank to
withdraw funds from a payer's designated bank account. The card, where accepted,
can be used instead of cash when making purchases. In some cases, the primary
account number is assigned exclusively for use on the Internet and there is no
physical card.
In many countries, the use of debit cards has become so widespread that
their volume has overtaken or entirely replaced cheque sand, in some instances,

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cash transactions. The development of debit cards, unlike credit cards and charge
cards, has generally been country specific resulting in a number of different
systems around the world, which were often incompatible. Since the mid-2000s, a
number of initiatives have allowed debit cards issued in one country to be used in
other countries and allowed their use for internet and phone purchases.
Unlike credit and charge cards, payments using a debit card are immediately
transferred from the cardholder's designated bank account, instead of them paying
the money back at a later date.

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3. ATM-(AUTOMATIC TELLER MACHINE)
An ATM card is any payment card issued by a financial
institution that enables a customer to access an automated teller machine(ATM) in
order to perform transactions such as deposits, cash withdrawals, obtaining account
information, etc. ATM cards are known by a variety of names such as bank
card, MAC (money access card), client card, key card or cash card, among others.
Most payment cards, such as debit and credit cards can also function as ATM
cards, although ATM-only cards are also available. Charge and proprietary cards
cannot be used as ATM cards. The use of a credit card to withdraw cash at an
ATM is treated differently to aPOS transaction, usually attracting interest charges
from the date of the cash withdrawal. Interbank networks allow the use of ATM
cards at ATMs of private operators and financial institutions other than those of the
institution that issued the cards.
ATM cards can also be used on improvised ATMs such as "mini
ATMs", merchants' card terminals that deliver ATM features without any cash
drawer. These terminals can also be used as cashless scrip ATMs by cashing the
receipts they issue at the merchant’s point.

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Types of ATM
a. Onsite ATM
These are ATM machines that are set up in the premises where there is
a bank branch so that both the physical branch and the ATM can be used. This is
known as being onsite and this can be used for several purposes. Many people can
use this to avoid the lines that are present in the branch and hence save on the time
required to complete their transactions.
b. Offsite ATM
These are the machines that are set up on a standalone basis. This means
that the bank has a place where there is only an ATM machine then this becomes

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an offsite ATM. This is done to ensure that the bank reaches out to more
geographical areas and that people are able to use its services even when there is
no bank branch in the area.

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4. ONLINE BANKING
Online banking is an electronic payment system that enables
customers of a financial institution to conduct financial transactions on a website
operated by the institution, such as a retail bank, virtual bank, credit union or
building society. Online banking is also referred as internet banking, e-
banking, virtual banking and by other terms.
To access a financial institution's online banking facility, a customer
with Internet access would need to register with the institution for the service, and
set up a password and other credentials for customer verification. The credentials
for online banking is normally not the same as for telephone banking. Financial
institutions now routinely allocate customers numbers, whether or not customers
have indicated an intention to access their online banking facility. Customers'
numbers are normally not the same as account numbers, because a number of
customer accounts can be linked to the one customer number. The customer
number can be linked to any account that the customer controls, such as cheque,
savings, loan, credit card and other accounts.
To access online banking, a customer visits the financial
institution's secure website, and enters the online banking facility using the
customer number and credentials previously setup. Online banking services usually
include viewing and downloading balances and statements, and may include the

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ability to initiate payments, transfers and other transactions, as well as interacting
with the bank in other ways.

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5. TELEPHONE BANKING
Telephone banking is a service provided by a bank or other financial
institution, that enables customers to perform a range of financial over the
telephone, without the need to visit a bank branch or automated teller machine.
Telephone banking times are usually longer than branch opening times, and some
financial institutions offer the service on a 24-hour basis.
From the bank's point of view, telephone banking minimizes the cost of handling
transactions by reducing the need for customers to visit a bank branch for non-cash
withdrawal and deposit transactions.

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6. MOBILE BANKING
Mobile banking is a term used to refer to systems that allow
customers of a financial institution to conduct a number of financial transactions
through a mobile device such as a mobile phone or tablet.
Mobile banking differs from mobile payments, which involve the use of a mobile
device to pay for goods or services either at the point of sale or
remotely, analogously to the use of a debit or credit card to effect
an EFTPOS payment.
The earliest mobile banking services were offered over SMS, a service
known as SMS banking. With the introduction of smart phones with WAP support
enabling the use of the mobile web in 1999, the first European banks started to
offer mobile banking on this platform to their customers. Mobile banking has until
recently (2010) most often been performed via SMS or the mobile
web. Apple's initial success with phone and the rapid growth of phones based
on Google's Android (operating system) have led to increasing use of special client
programs, called apps, downloaded to the mobile device. With that said
advancements in web technologies such as HTML5, CSS3 and JavaScript have
seen more banks launching mobile web based services to complement native
applications. A recent study (May 2012) by Mapa Research suggests that over a
third of banks have mobile device detection upon visiting the banks' main website.

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7. ELECTRONIC FUND TRANSFER
Electronic funds transfer (EFT) is the electronic transfer of money from
one bank account to another, either within a single financial institution or
across multiple institutions, through computer-based systems and without the
direct intervention of bank staff. EFTs is known by a number of names. In the
United States, they may be referred to as electronic checks or e-checks.
The term covers a number of different payment systems, for example:
• Card holder-initiated transactions, using a payment card such as a
credit or debit card
• Direct deposit payment initiated by the payer

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• Direct debit payments for which a business debits the consumer's bank
accounts for payment for goods or services
• Wire transfer via an international banking network such as SWIFT
• Electronic bill payment in online banking, which may be delivered by
EFT or paper check
• Transactions involving stored value of electronic money, possibly in a
private currency.

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CHAPTER 3
ADVANTAGES AND DISADVANTAGES
AND CONCLUSION OF HI-TECH BANKING
HI-TECH BANKING
Advantages of hi-tech banking
Competition
Studies show that competitive pressure is the chief driving force behind
increasing use of Internet banking technology, ranking ahead of cost reduction
and revenue enhancement, in second and third place respectively. Banks see
Internet banking as a way to keep existing customers and attract new ones to the
bank.
Cost Efficiencies
National banks can deliver banking services on the Internet at transaction
costs far lower than traditional brick-and-mortar branches. The actual costs to
execute a transaction will vary depending on the delivery channel used. For
example, according to Booz, Allen & Hamilton, as of mid- 1999, the cost to

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deliver manual transactions at a branch was typically more than a dollar, ATM
and call center transactions cost about 25 cents, and Internettransactions cost
about a penny. These costs are expected to continue to decline. National banks
have significant reasons to develop the technologies that will help them deliver
banking products and services by the most cost-effective channels. Many
bankers believe that shifting only a small portion of the estimated 19-billion
payments mailed annually in the U.S. to electronic delivery channels could save
banks and other businesses substantial sums of money. However, national
banks should use care in making product decisions. Management should include
in their decision making the development and ongoing costs associated with a
new product or service, including the technology, marketing, maintenance, and
customer support functions. This will help management exercise due diligence,
make more informed decisions, and measure the success of their business
venture.
Geographical Reach
Internet banking allows expanded customer contact through increased
geographical reach and lower cost delivery channels. In fact some banks are
doing business exclusively via the Internet — they do not have traditional
banking offices and only reach their customers online. Other financial

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institutions are using the Internet as an alternative delivery channel to reach
existing customers and attract new customers.
Branding
Relationship building is a strategic priority for many national banks. Internet
banking technology and products can provide a means for national banks to
develop and maintain an ongoing relationship with their customers by offering
easy access to a broad array of products and services. Internet Banking 4
Comptroller’s Handbook By capitalizing on brand identification and by
providing a broad array of financial services, banks hope to build customer
loyalty, cross-sell, and enhance repeat business.
Customer Demographics
Internet banking allows national banks to offer a wide array of options to
their banking customers. Some customers will rely on traditional branches to
conduct their banking business. For many, this is the most comfortable way for
them to transact their banking business. Those customers place a premium on
person-to-person contact. Other customers are early adopters of new
technologies that arrive in the marketplace. These customers were the first to
obtain PCs and the first to employ them in conducting their banking business.

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The demographics of banking customers will continue to change. The challenge
to national banks is to understand their customer base and find the right mix of
delivery channels to deliver products and services profitably to their various
market segments.
Negative Effects of Technology in Banking, and Solutions
While ICT provides so many advantages to the banking industry, it also
poses security challenges to banks and their customers. Even though Internet
banking provides ease and convenience, it is most vulnerable to hackers and
cyber criminals. Online fraud is still big business around the world. Even
though surveillance cameras, guards, alarms, security screens,dye packs, and
law enforcement efforts have reduced the chances of a criminal stealing cash
from a bank branch, criminals can still penetrate the formidable edifice like the
banking industry through other means. Using Internet banking and high tech
credit card fraud, it is now possible to steal large amounts of money
anonymously from financial institutions from the comfort of your own home,
and it is happening all over the world. Further, identity theft, also known as
phishing, is one of the fastest growing epidemics in electronic fraud in the

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world. Identity theft occurs when “fraudsters” gain access to personal details of
unsuspecting victims through various electronic and non-electronic means. This
information is then used to open accounts (usually credit card), or initialize
loans and mobile phone accounts or anything else involving a line of credit.
Account theft, which is commonly mistaken for identity theft, occurs when
existing credit or debit cards or financial records are used to steal from existing
accounts. Although account theft is a more common occurrence than identity
theft, financial losses caused by identity theft are on average greater and usually
require a longer period of time to resolve. Spam scams involve fraudsters
sending spam e-mails informing customers of some seemingly legitimate reason
to login to their accounts. A link is provided in the e-mail to take the user to a
login screen at their bank site; however the link that is provided actually takes
the user to a ghost site, where the fraudster can record the login details. This
information is then used to pay bills and or transfer balances for the fraudster’s
financial reward. Card skimming refers to the use of portable swiping devices to
obtain credit card and EFT card data. This data is rewritten to a dummy card,
which is then usually taken on elaborate shopping sprees. As the fraudster can
sign the back of the card himself or herself, the merchant will usually be
unaware that they have fallen victim to the fraud. One can curb these hi-tech
frauds by using equally hi-tech security mechanisms such as biometrics and

33
smart cards. The key focus in minimizing credit card and electronic fraud is to
enable the actual user of the account to be correctly identified. The notion of
allowing a card to prove your identity is fast becoming antiquated and
unreliable. With this in mind, using biometrics to develop a more accurate
identification process could greatly reduce fraud and increase convenience by
allowing consumers to move closer to a “no wallet” society. The main forms of
biometrics available are finger print identification, palm print identification,
facial recognition, iris recognition, voice recognition, and computer-recognized
handwriting analysis. Many industry analysts such as the American Bankers
Association are proposing that the smart payment cards are finally poised to
change the future of electronic payments. The smart card combines a secure
portable payment platform with a selection of payment, financial, and
nonfinancial applications. The reach of the smart card potentially goes beyond
the debit and credit card model. Instead of a smart card, ISO uses the term
‘integrated circuit card’ (ICC), which includes all devices where an integrated
circuit is contained within the card. The benefits provided by smart cards to
consumers include: convenience (easy access to services with multiple loading
points), flexibility (high/low value payments with faster transaction times), and
increased security. The benefits offered to merchants include: immediate
guaranteed cash flow, lower processing costs, and operational convenience.

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CONCLUSION
This report describes in a nutshell the evolution of banking and defines
banking technology as a Consortium of several disciplines, namely finance
subsuming risk management, information and communication technology,
computer science, and marketing science. It also highlights the quintessential
role played by these disciplines in helping banks: (1) run their day-to-day
operations in offering efficient, reliable, and secure services to customers; (2)
meet their business objectives of attracting more customers and thereby making
huge profits; and (3) protect themselves from several kinds of risks. The role
played by smart cards, storage area networks, data warehousing, customer
relationship management, cryptography, statistics, and artificial intelligence in
modern banking is very well brought out. The report also highlights the
important role played by data mining algorithms in helping banks achieve their
marketing objectives, fraud detection, anti-money laundering, and so forth. In
summary, it is quite clear that banking technology has emerged as a separate
discipline in its own right. As regards future directions, the proliferating

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research in all fields of Technology and computer science can make steady
inroads into banking technology because any new research idea in these
disciplines can potentially have a great impact on banking technology.

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BIBLIOGRAPHY
Websites
1. www.icmrindia.co.inwww.wikipedia.com
2. www.managementparadise.com www.domainb.com
3. www.barackobama.com
4. www.findarticles.com
5. www.papers.ssrn.com
Articles
1. Cruz, M.G. (2002).Modeling, measuring and hedging operational risk. Chichester: JohnWiley&
Sons.
2. Engler, H., & Essinger, J. (2000).The future of banking. UK: Reuters, Pearson Education.
Graham, B. (2003). The evolution of electronic payments.
3. BE Thesis, Division of Electrical and Electronics Engineering, School of Information Technology
and Electrical Engineering, University of Queensland, Australia. Retrieved
fromhttp://innovexpo.itee.uq.edu.au/2003/exhibits/ s334853/thesis.pdf
4. Hofmann, F., Baesens, B., Martens, J., Put, F., & Vanthienen, J. (2002). Comparing a
geneticfuzzy and neurofuzzy classifier for credit scoring. International Journal of Intelligent
Systems, 17 (11), 1067-1083

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