The change in traditional banking with the effects of ICT

• Main Authors: Wasiuzzaman, Shaista, Thim, Chan Kok
• Format: Conference or Workshop Item
• Language: English
• Published: 2006
• Subjects: HG Finance; T Technology (General)
• Online Access: http://repo.uum.edu.my/14319/1/004_ICoEC_2006.pdf; http://repo.uum.edu.my/14319/; http://www.icoec.my/index.php/proceedings/9-icoec-2006-proceedings

The application of Internet technology to the banking industry has transformed the traditional practice into a new era of convenient banking at your home or office with a touch of a button! This concept is new and practical to people who have the knowledge and means to accept this convenient and safe mode of operation.The objective is to survey all the local banks in Malaysia and observe what products and services they wish to offer to the community.A simple online survey of their available websites allowed one to view all the available transactions and activities connected to electronic banking or internet banking.The 10 local banks reviewed indicated that the most popular services and products available online are Current Account, Fixed Deposit, Saving Account, Home Loans and Credit Cards.Perhaps, the survey has proved that these facilities are the bread and butter for all local banks.Interestingly, all local banks have more than 80 types of transaction items stated on their websites.Not all of them can be practically done through the wireless technology; only a handful of them are acceptable to those who prefer the push of a button on the keyboard of the personal computer (PC). Nonetheless, the Internet or Web technology will pave the new wave of banking to the consumer who is knowledgeable in the area of the Information and Communicative Technology (ICT) in the local environment.