English and Literature
Submitted By megbazinga
(g) applications in banking (including Electronic Funds Transfer (EFT), ATMs for cash withdrawals and bill paying, credit/debit cards, cheque clearing, phone banking, internet banking)
Discuss the advantages and disadvantages to your choice of application.
Generate a conclusion from your discussion that makes use of the learning objectives (as seen in the Moodle).
With technology nowadays, banking online has been made possible. It has become a much more quicker and efficient way to exchange payments and handle bills through networks. There are many different examples of electric banking applications, such as ATMS, for cash withdrawals and bill paying.
There is also the use of credit cards, debit cards to pay without using cash. Cheques can also be used; it is an easier way. There is a code at the bottom, which can be scanned.
Phone banking is where people manage their financial payments by talking to a banker through a phone, telling them their credit card information to purchase what they want.
ATM stands for an ‘automated teller machine’. It is an electrical device that allows normal people to do financial transactions without interacting with a cashier. It is very convenient for people as they are able to withdraw funds or deposit funds from anywhere without traveling all the way to a bank. Customers using ATMS need to insert their personal identification number to access their account. This is a safe and secure way of withdrawing and depositing payments.
Credit cards are very efficient to use because it lets the user to carry a card rather than cash around. Credit cards and debit cards have a magnetic strip that contains the coding and encryption, and is then read by a magnetic strip reader. A credit card and a debit card are two different things. For credit cards, it involves money borrowed from the bank. Stores prefer…...