Impact of Technology on Banking

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4 Technology has influenced all aspects of banking activities including storage, processing,and collection of information. There are a few areas in banking that has been seriouslyinfluenced or impacted which includes; Tracking lending worthiness (Credit Scores): Technology has created or led to the creation of thecredit bureau. The system mathematically tracks customer’s payment records to provide datawhich help banks make decisions on the amount and who they should borrow money to. Theadvance technology available has developed a scalable and resilient credit bureau platform thatenables banks to track customer’s necessary information.Technology has enable software programs which has provided banks with input file preparation tools, validation tools and data entry tools. Collecting data allows banks to deliver credit reporting solutions in the form of credit reposts, customer credit activity monitoring, fraud prevention systems and debtor tracking services. Today, the technologies in credit bureauinfrastructures have enabled banks to collect, load, validate, store and disseminate both the positive and negative data as well as supplementary data (e.g. court judgments, legal issues etc).The development and management of the information technology for the Credit Bureau has provided control over all processes involving the credit bureau as it relates to the bankingindustry. Some of the systems used in the credit bureau includes; C++, C Sharp and Java, Oracle& SQL. All these programs contribute significantly in the whole operation of the credit bureau.The typical cycle and function of the credit bureau as it relates to banks includes; storinginformation-credit histories, observing fraudulent behavior, previous enquires, validating dataand many

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