Banks play a crucial role in both local and international economies by aiding the flow of money, managing deposits and withdrawals, lending money and facilitating transactions. The sector includes various types of banks, such as commercial banks, investment banks, central banks and cooperative banks.
As pervasive as banking is, there are still a plethora of concepts in the industry, making it difficult to have a good grasp of the sector.
Advancements in the digital landscape, such as blockchain and artificial intelligence, are reshaping traditional banking processes. With the development of banking technology, various financial institutions started to employ digital tools, systems and platforms to streamline banking operations, optimize customer experiences and manage transactions efficiently.
As the digital landscape evolves, banking technology becomes increasingly important in driving the future of finance, bringing in advancement and facilitating financial inclusion.
A quick glossary produced by TechRepublic Premium will make learning and understanding key concepts related to banking technology easier.
This exclusive resource explains what electronic data interchange means. This concept refers to the electronic exchange of business documents and information between organizations in a standardized format. It allows for the seamless transmission of data, such as purchase orders, invoices and payments, between different systems.
It also looks into mobile banking, a service provided by banks and financial institutions that allows account holders to access and manage their accounts using mobile devices such as smartphones or tablets. Mobile banking enables users to perform various transactions, check balances, transfer funds, pay bills and receive notifications through dedicated mobile applications or websites.
Online fraud is also discussed in the glossary. It is defined as fraudulent activities conducted over the internet with the intent to deceive and exploit individuals or organizations for financial gain. Examples include phishing scams, identity theft, credit card fraud and unauthorized access to accounts or sensitive information.
Related to online fraud is wire fraud. This refers to the act of intentionally using electronic communication, such as phone calls or emails, to deceive someone to obtain money or assets fraudulently. Wire fraud typically involves fraudulent schemes aimed at tricking individuals or organizations into sending funds electronically.
Another concept that is explored in this resource is wire transfer. It is a method of electronically transferring funds between bank accounts. It involves the direct transfer of money from one bank to another, typically for larger amounts or urgent transactions. Wire transfers are commonly used for international transactions.
Other terminologies covered in the resource are ATM, bill payment and electronic check.
There is no wealth like knowledge. Learn banking technology by downloading the 25-page quick glossary for $9 at TechRepublic Premium.
