Banking Systems

By; Fungai Macherechedze

 • Banking applications in ICT are the use of information and communication
technology to provide banking services and transactions. Some examples of banking
applications in ICT are:

• Automatic Teller Machines (ATM): These are electronic banking terminals that allow
customers to withdraw cash, deposit money, check account balance, transfer funds,
and pay bills using a bank card and a PIN1.

• Electronic Funds Transfer (EFT): This is a system that allows money to be transferred
between bank accounts electronically, using encrypted messages. EFT is used for bill
payments, salary deposits, online purchases, and contactless payments1 2.

• Credit/Debit Card Transactions: These are payments or withdrawals using a bank

card, which are processed by a network of computers that verify the card’s validity
and the account’s balance. Credit/debit card transactions are accepted by most
merchants and service providers1.

• Internet Banking: This is a service that allows customers to access their bank accounts
from home using a secure website. Customers can check their balance, pay bills,
transfer money, apply for loans, and other services using internet banking1 2.

Banking applications
 • Automatic Teller Machines (ATM): These are
electronic banking terminals that allow
customers to withdraw cash, deposit money,
check account balance, transfer funds, and pay
bills using a bank card and a PIN1.

ATMs
Pros and cons of Atms
 • Electronic Funds Transfer (EFT): This is a
system that allows money to be transferred
between bank accounts electronically, using
encrypted messages. EFT is used for bill
payments, salary deposits, online purchases,
and contactless payments1 2.

EFTs
Pros and cons of Efts
 • Credit/Debit Card Transactions: These are
payments or withdrawals using a bank card,
which are processed by a network of computers
that verify the card’s validity and the account’s
balance. Credit/debit card transactions are
accepted by most merchants and service
providers1.Pros and cons of debit/credit cards

Credit or debit cards

Pros and cons of debit/credit cards
Internet banking
• This is a service that allows customers to access
their bank accounts from home using a secure
website. Customers can check their balance, pay
bills, transfer money, apply for loans, and other
services using internet banking
Pros and Cons