Kimberly Dawn N. Esperila ACTIVITY NO.

2 01/27/2022
11 STEM-C3 Mr. Michael Curibot

Explain the importance of ICT in the field of Banking and Finance. Site example.

As stated in an article I've researched, bank performs various roles in the economy
whereas finance is an essential part of it as it provides the liquidity in terms of money or
assets required for individuals and businesses to invest for the future in a certain country.
We know that Information Communications Technology (ICT) is a field associated with
Information Technology (IT) that links with the technology that is continuously emerging,
it offers high technological advances in which it offers efficiency, high maintenance and
convenience to provide quality services. One of its services is online banking which enable
users to access their bank accounts and their services that is efficient and user-friendly as it
allows to make bill payments online, check balances on accounts and view recent
transactions that had been made. Since ICT and IT facilitate to program the systems, it is
indeed easier and expedient for us to use because the system is auto generated that is high-
tech. Another example of that can be considered is the online shops where if the customer
places an order, it is automatically received by the device of the merchant and the operator
or rider in which they will have a connection with each other through text, chat or call to
inform each other until the product is delivered and received by the customer. We can
conclude that ICT has many advantages and benefits we can gain and use as it allows us to
comply to our needs in either banking or finance in a systematic and business-like way that
increased the transaction volume that is said to facilitate the movement from class banking
to mass banking.