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IT in Banking
The Banking System provides financial assistance by providing cash, credits, loans, and other financial services to a
person or a company. IT has given us instant, anytime, anywhere banking facilities to deal with the challenges of the
modern world and the growing economy. E-banking is provided by almost all the banks where a transaction can be
completed through the Internet. Some of the applications of IT in the banking industry are:
• Banks can reach out to more customers easily and provide better services to them through IT.
• ATM cards, debit and credits cards, cash deposit machines, online banking, telebanking, mobile banking, etc. are
some of the important features of modern banking which is possible only by implementing the latest information
and communication technology.
• COVID times has taught us that, account opening can easily be
done from home by following certain online document submission
and filing up the required details.
• The development of world-wide networks has significantly reduced
the cost of global funds transfer. This has helped a business to
flourish with minimum hidden charges in the banking transaction.
• Banks are also helping the customers by auto payment facility to
pay off their monthly bills like mobile bill, electricity bill, credit card
payments etc.
• Back-end operations such as data storage, retrieval and analysis, customer relationship management, report
generation, etc. are done efficiently using IT.
IT in Insurance
Insurance sector deals with laws and agreements between two parties to compensate for financial losses based on the
premium paid by them. Information Technology has automated this sector drastically which has proven beneficial to
both the company and the customer. Some of the applications of IT in the field of insurance are listed below:
• Using computers, the insurance companies can easily maintain
the database of their customers with the details of the policies.
• Renewal notices to be sent for the payment of the premium
for a large database of customers can easily be done through
computers.
• Front offices equipped with the latest technology will carry
out business transactions efficiently and will provide efficient
customer services.
• Policies can be purchased online and payment of the premium
made online by the customers easily through the company’s
websites.
• Through the networks all the branches of the company across the globe are interlinked to provide better services
to the customers.
IT in Marketing
Marketing is advertising, buying, selling, and delivering of products or services to the customers. Application of IT in
marketing depends completely on the requirements of companies. Some of the common applications are listed below:
• Customer Relationship Management is an important component of marketing. Technology can help keep a track of
customer details, behaviour, and preferences for increasing the sale of a product or a service.
Introduction to IT–ITeS Industry 185

