Date Posted: 12/4/2012 3:17:18 AM
Posted By: Saucer Membership Level: Gold Total Points: 4885
Rapid changes in transport and communication technology have greatly impacted the banking industry. With increasing social complexity, economic changes and increasing competitiveness within the industry, new developments have emerged in product packaging and service delivery in banking. These trends include:1. Electronic cheques. Customers can electronically instruct the bank to issue a cheque and so eliminate the need to keep a cheque book.2. Insurance cover. Some banks have introduced insurance cover for customers holding certain amounts of money in their accounts. Under this scheme, people get insurance cover for certain amounts, depending on the amount of money held in their accounts.3. Credit cards. These enable customers to obtain goods and services on credit.4. E- Banking. Customers are able to access their accounts through the use of desktop computers in the comfort of their home or office.5. Package banking. Banks strive to offer more value- added services to their clients without necessarily asking for payment.6. Other modern technology include: ATMs and mobile banking.
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