The Use of Computer in Banking and Insurance
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Banking
- Computers are instrumental to the way the banking industry performs its business. This technology allows banks to be able to take transactions and update accounts in real time.
An advantage to the
bank customers is an increase in convenience. By linking computers and
automated telling machines (ATMs), people are able to access their money at any
hour of the day.
Online banking is
another effect of computer technology on the banking industry. With online banking,
customers are able to pay bills electronically and manage accounts and transfer
money from the comfort of their own homes. Additionally, computers allow people
to set up automatic payments from their bank accounts to such places as utility
companies and insurance groups.
Insurance
- The world of insurance relies on computers to the same extent as banks. As stated by the U.S. Bureau of Labor Statistics, the insurance industry uses sophisticated computer software to analyze risk. Automated underwriting systems adjust premiums and recommend acceptance or denial of risk for a potential client. With the use of the Internet, insurance companies are able to access information which will determine whether they accept clients or not.
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