Banking System - Essay Example

Only on StudentShare

Extract of sample
Banking System

When it comes to wire transfers, the most annoying thing in it is with regard to the lengthy and painstaking procedures involved in authentication and also the cost factor is a major concern. The cost of initiating a wire transfer of money say, between America and England would cost a minimum of $15, which is quite costly.
Another major factor of concern is the accessibility. Even today, the common man has to go to any branch of a bank even if there are cases where there is only a single branch in most of the cities. Such a limitation makes it difficult for effective and smooth business, when other modern technologies are at hand.
The modern era has seen an increase in wireless communication along with the advent of the age of the Internet and the WWW (world wide web). As such, banks today feel the need to take advantage of these developments and modify their current operations in order to incorporate such new technologies and practices.
1) System Startup: The system is started up when the operator turns the operator switch to the "on" position. The operator will be asked to enter the amount of money currently in the cash dispenser, and a connection to the bank will be established. Then the servicing of customers can begin.
2) System Shutdown: The system is shut down when the operator makes sure that no customer is using the machine, and then tu ...
Download paper

Summary

Money, it is said, makes the world go round. This has never been truer in context of the global banking industry and financial markets, which are becoming more inter-linked and integrated, creating the need for a new generation of solutions that, operate in real time with impeccable reliability.
Author : chelseagoyette

Related Essays

Can Turkeys Banking System Act as a Model To Buffer Global Financial Crises?
74 pages (18574 words) Dissertation
The Reform of the Banking System
10 pages (2510 words) Essay
How the Canadian Banking System Survives the Subprime Meltdown
10 pages (2510 words) Essay
Motivation in a Banking System
13 pages (3263 words) Essay
Internet Banking Case Study
17 pages (4267 words) Case Study
International Banking &finance
4 pages (1004 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!