Industries Banking & Financial Industries

 

Financial services are the economic services provided by the finance industry, that manage money, including credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. The discovery of computers has transformed the financial industry, store data, conduct intricate calculations and manage financial transactions. Computers enhance financial communication through a network system connecting various departments. Financial decision makers are able to send financial reports and strategies. Finance people get updates on world stock exchange and price modifications on products and goods.


Spreadsheet applications are Microsoft excel that enables to plan finances without wasting too much time by using usual financial tasks, compiling financial data, presenting the data in an organized manner, drawing budgets and calculations of complex transactions.
Computers enable organizations to makes data storage manageable and less bulky. All the financial records are reserved in computer which helps an organization to continually audit and analyze business performance.

 


Computerized financial software conducts programmed business and accounting transactions. Most finance departments utilize accounting applications, such as QuickBooks, to perform financial transactions and to manage a company's income and expenditure. These programmed applications enable an organization or individuals to keep track of financial operations and also conduct complex transactions effortlessly without consuming a lot of time and labor that would otherwise be used in case of manual transactions. Organizations can purchase software depending on nature of work; other applications include Grant Management application, and payroll software.

Computers have enhanced access information on investment prospects, and conduct a detailed research on its profitability to wide financial information through Internet access. Business operators or individuals can now access information on investment prospects, and conduct a detailed research on its profitability. There is also wide financial information available on the Internet, such as world prices, tax changes, inflation rate and currency exchange rates making it easier for institutions and individuals to make informed financial decisions. The Internet provides a wide source of information and access to specific financial reports of companies in trade.

Banking services


A banking services help a customer, in operating accounts, making transfers, paying standing orders and selling foreign currency. Computers are used in banks to help bank personnel operate more efficiently and effectively. It tracks certain transactions, help process other customer information as well and can be used as an aid to generate profits.


Banks use computers to track customer information such as name, address, account number and phone number, date of birth, Social Security number and place of employment. This information is used to stay in touch with customers.
With the help of computer it track the information to know which products a customer already has before any new products are offered. 
With a computer, banks can analyze aging reports and track the customers who have had checks returned due to nonsufficient funds and offer them a product called overdraft protection.


Computers help to keep a record of all customers’ transaction like deposits and withdrawals, cash checks, open checking accounts, apply for mortgage loans a computer will store and track all of the information.
A print of the daily report will be produce at the end of the day to see if the branch hits its goals and objectives.
A bank can use computers for new loan applications, credit card applications and opening new accounts such as checking, savings or certificate of deposit accounts.


Computers can be used to track customers who are delinquent on their loan and credit card payments. When a 30-day delinquency report is generated, a collection representative can contact the customer for resolution, to keep under control.

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