Banking It Essay

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ITM – Technology Report Banking Industry 1. Introduction: The Banking sector has experienced a rapid transformation since the advent of IT. The advancement in technology played a significant role in improving the services in the industry. More than most other industries, financial institutions rely on gathering, processing, analyzing, and providing information in order to meet the needs of customers. Given the importance of information in banking, it is not surprising that banks were among the earliest adopters of automated information processing technology. Due to increased customer demand in this rapidly growing market, banks realized the need to adopt a comprehensive mobile solution for deposits. Giving the customers the ability to deposit cheques anytime and anywhere using a mobile is the next revolution in banking industry. Mobile Deposit helps financial institutions win in the marketplace, acquire new customers, satisfy existing customers, and grow core deposits. Many IT solution providers such as Monitise solutions and Mitek Systems Inc. provide Mobile Remote Deposit Capture (MRDC) solutions. Many banks and financial institutions have started adopting this technology for cheque deposits. One such example is MidAmerica National Bank. We would like to base our technology report on the various aspects of MRDC. We chose this technology because: With the advent of better and better technology, banks have become an integral part of a person’s life. More-over with the huge following base for internet, net banking has become essential in this industry. Remote Deposit Capture has been called “The most important development the (U.S.) banking industry has seen in years” by the Federal Reserve and others. Almost all of the RFPs (Request for Proposals) Cash Management groups at the largest banks in the USA receive now request information on this service, and

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