Discuss the application of information technology in banking?

These banking applications are in a short description... like (Inventory control/financial system/accounting/investment analysis)

Bank uses computers to provide the online services to customers and to answer other queries regarding their bank balance, etc.
To handle cash, banks use cash dispensing machines.
Computer also facilitates electronic transfer of funds from one account to another.
All that a customer needs to do is keys in his identification number and the transaction details on the terminal’s keyboard.
Immediately, the amount he specifies will be transferred from his account to the other account which he has specified.

Inventory control

Inventory means a list of goods.
In organizations goods such as raw material, finished products spares consumables etc. are kept in stock so that whenever the need arises these items are available off shelf.
The business does not suffer on account of non-availability of the products.

Financial account system

Financial system is one that deals with transaction of money among different organizations or individuals.
The system can be divided into Financial accounting and Management accounting.

Accounting

Specialized software packages are used to handle accounts in medium sized companies.
Accounting programs are used for data entry, billing, accounts receivable, accounts payable, inventory control, sales analysis, tax calculation, pay-roll preparation, auditing, budget analysis etc. are uses in tally ERP 9 software.

Investment analysis

Computers are used for analyzing investments for maximum returns.
Many companies issue shares, debentures, etc.
Some people relay on brokers or financial managers for taking decisions.
But others like to analyze shares themselves using computers.

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