Information Technology in Financial Services


Information Technology in Financial Services (IT)


Information Technology in Financial Services (IT)





List of Short Notes of Information Technology in Financial Services (IT):



Smart Card:

A smart card is a security token that has an embedded chip. Smart cards are typically the same size as a driver's license and can be made out of metal or plastic. A smart card, chip card, or integrated circuit card (ICC), is any pocket-sized card that has embedded integrated circuits. Smart cards are made of plastic, generally polyvinyl chloride, but sometimes polyethylene-terephthalate-based polyesters, acrylonitrile butadiene styrene or polycarbonate. Since April 2009, a Japanese company has manufactured reusable financial smart cards made from paper.
Smart cards can be contact, contactless, or both. They can provide personal identification, authentication, data storage, and application processing. Smart cards may provide strong security authentication for single sign-on (SSO) within organizations.The newly-introduced smart national identity (NID) card will put a stop to forgery as it has 25 security features.


System Software:

System software is a type of computer program that is designed to run a computer's hardware and application programs. If we think of the computer system as a layered model, the system software is the interface between the hardware and user applications. System software, or systems software, is computer software designed to provide a platform to other software. Examples of system software include operating systems, computational science software, game engines, industrial automation, and software as service applications. In contrast to system software, software that allows users to do things like create text documents, play games, listen to music, or web browsers to surf the web is called application software.
The line where the distinction should be drawn is not always clear. Many operating systems bundle application software. Such software is not considered system software when it can be uninstalled usually without affecting the functioning of other software. Exceptions could be e.g. web browsers such as Internet Explorer where Microsoft argued in court that it was system software that could not be uninstalled. Later examples are Chrome OS and Firefox OS where the browser functions as the only user interface and the only way to run programs, then they can well be argued to be the operating system and hence system software.


Intranet:

An intranet is a private network accessible only to an organization's staff. Generally a wide range of information and services from the organization's internal IT systems are available that would not be available to the public from the Internet. A company-wide intranet can constitute an important focal point of internal communication and collaboration, and provide a single starting point to access internal and external resources. In its simplest form, an intranet is established with the technologies for local area networks (LANs) and wide area networks (WANs).
An intranet is a private network that is contained within an enterprise. It may consist of many interlinked local area networks and also use leased lines in the wide area network. Typically, an intranet includes connections through one or more gateway computers to the outside Internet. Intranet mean, a computer network with restricted access, as within a company, that uses software and protocols developed for the Internet. Intranets can help users to locate and view information faster and use applications relevant to their roles and responsibilities. With the help of a web browser interface, users can access data held in any database the organization wants to make available, anytime and — subject to security provisions — from anywhere within the company workstations, increasing the employees ability to perform their jobs faster, more accurately, and with confidence that they have the right information. It also helps to improve the services provided to the users.


National Payment Switch (NPS):

National Payment Switch Bangladesh (NPSB) is an electronic platform, started its operation on 27 December 2012 with a view to attain interoperability among schedule banks for card based/online retail transactions. At present, NPSB is processing interbank Automated Teller Machines (ATM), Point of Sales (POS), Internet Banking Fund Transfer (IBFT) transactions.
Automated Teller Machines (ATM):
Cardholders are getting banking services like cash withdrawal, mini statement and balance inquiry for 24/7 from almost all ATMs in the country. As a result, Long queues at cash counter of banks are decreasing. Moreover, banks yet to install ATM and POS can issue cards to their clients. A cardholder has to pay 15 taka per transaction (including VAT) for Cash Withdrawal and 5 taka (including VAT) for each Mini Statement or Balance Inquiry using other Bank's ATM.
Point of Sales (POS):
Cardholders from those banks can use POS of all NPSB member banks in different merchant outlets for their retail purchases. The necessity for holding cash is reducing very fast due to large acceptance of cards at POS of NPSB member banks. Cardholders need not to pay any extra charges for their retail purchases using other bank's POS under NPSB.
Internet Banking Fund Transfer (IBFT):
An account/card holder of an IBFT member banks can transfer funds (account to account/card and card to card/account) to other Banks through internet banking. The daily transaction for a customer will be five times and a total of Tk 2,00,000(two lac). Each transaction will be maximum Tk. 50,000 (fifty thousand). Banks will ensure two factor authentications for internet banking to maintain security. Banks can provide services like utility bill payment, credit card bill payment, installments payment of loan, insurance premium payment etc. to their customers through internet banking from home or office.


Phishing:

Phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details, often for malicious reasons, by disguising as a trustworthy entity in an electronic communication. The word is a neologism created as a homophone of fishing due to the similarity of using bait in an attempt to catch a victim. Phishing is typically carried out by email spoofing or instant messaging, and it often directs users to enter personal information at a fake website, the look and feel of which are identical to the legitimate one and the only difference is the URL of the website in concern. Communications purporting to be from social web sites, auction sites, banks, online payment processors or IT administrators are often used to lure victims. Phishing emails may contain links to websites that distribute malware. Phishing is one the hacker's favorite attack method that they use to hack login id passwords. Today we will learn Popular Phishing Techniques that hackers nowadays use to. Hacking and Phishing are two very different types of computer security threats. Hacking is an extremely high tech attack which requires you to take certain precautions to protect your computer and all of the data which is stored in it.


Spyware:

Spyware is software that is installed on a computing device without the end user's knowledge. Spyware is software that aims to gather information about a person or organization without their knowledge that may send such information to another entity without the consumer's consent, or that asserts control over a device without the consumer's knowledge. A lot of spyware harvests information related to your computer and how you use it. "Spyware" is mostly classified into four types: adware, system monitors, tracking cookies, and trojans; examples of other notorious types include digital rights management capabilities that "phone home", keyloggers, rootkits, and web beacons. Spyware is mostly used for the purposes of tracking and storing Internet users' movements on the Web and serving up pop-up ads to Internet users. Whenever spyware is used for malicious purposes, its presence is typically hidden from the user and can be difficult to detect. Programs that secretly record what you do on your computer are called spyware. They can be used for some perfectly legitimate purposes, but the majority of spyware is malicious. Some spyware, such as keyloggers, may be installed by the owner of a shared, corporate, or public computer intentionally in order to monitor users. Some spyware can change computer settings, which can result in slow Internet connection speeds, un-authorized changes in browser settings, or changes to software settings.


Digital Signature:

A digital code (generated and authenticated by public key encryption) which is attached to an electronically transmitted document to verify its contents and the sender's identity. A digital signature is a mathematical scheme for demonstrating the authenticity of digital messages or documents. A valid digital signature gives a recipient reason to believe that the message was created by a known sender (authentication), that the sender cannot deny having sent the message (non-repudiation), and that the message was not altered in transit (integrity). Digital signatures are a standard element of most cryptographic protocol suites, and are commonly used for software distribution, financial transactions, contract management software, and in other cases where it is important to detect forgery or tampering. Digital signatures are often used to implement electronic signatures, a broader term that refers to any electronic data that carries the intent of a signature, but not all electronic signatures use digital signatures. A digital certificate is an electronic document issued by a Certificate Authority (CA). It contains the public key for a digital signature and specifies the identity associated with the key, such as the name of an organization.


What is e-governance?

Electronic governance or e-governance is the application of information and communication technology (ICT) for delivering government services, exchange of information, communication transactions, integration of various stand-alone systems and services between government-to-citizen (G2C), government-to-business (G2B), government-to-government (G2G) , government-to-employees (G2E) as well as back office processes and interactions within the entire government framework. Through e-governance, government services will be made available to citizens in a convenient, efficient and transparent manner. The three main target groups that can be distinguished in governance concepts are government, citizens and businesses/interest groups. In e-governance there are no distinct boundaries. Electronic-governance (e-governance in short) involves the use of Information and Communication Technology (ICT) and its numerous applications by the government for the provision of information and e-services (that is services by electronic means) to the citizens of the country.


What is Cache Memory?

Cache memory, also called CPU memory, is random access memory (RAM) that a computer microprocessor can access more quickly than it can access regular RAM. This memory is typically integrated directly with the CPU chip or placed on a separate chip that has a separate bus interconnect with the CPU. a collection of items of the same type stored in a hidden or inaccessible place. Cache memory is a small-sized type of volatile computer memory that provides high-speed data access to a processor and stores frequently used computer programs, applications and data. It is the fastest memory in a computer, and is typically integrated onto the motherboard and directly embedded in the processor or main random access memory (RAM). Cache memory provides faster data storage and access by storing instances of programs and data routinely accessed by the processor. Thus, when a processor requests data that already has an instance in the cache memory; it does not need to go to the main memory or the hard disk to fetch the data.

Real Time Gross Settlement (RTGS):

Real-time gross settlement systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real time" and on a "gross" basis. To facilitate safe, secured and efficient interbank payment system, Bangladesh Bank introduced Real Time Gross Settlement (RTGS) system on 29th October 2015 as part of its inclusive digitalization initiative. It opened a new horizon in the arena of large value time critical payment and settlement in the country. It was implemented with the financial assistance from Asian Development Bank and technical support from the World Bank. The central RTGS system was developed by the Swedish company CMA Small Systems AB.
RTGS is an electronic settlement system where transfer of funds takes place from one account of a bank to that of another bank on a real-time and on gross basis. Real-time refers transactions that do not need any waiting period. Transactions are settled as soon as they are executed. System is designed to settle high value (more than or equal to 1, 00,000 BDT) local currency transactions as well as domestic foreign currency transactions. It is worthwhile to mention that more than 7000 online branches of 55 scheduled banks are currently connected to this system out of total 11000 bank branches of 57 banks in the country. The system is currently allowed to handle only local currency, however domestic foreign currency transactions are expected to be launched soon.


Automated Teller Machine (ATM):

An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff. ATMs are known by a variety of names, including automatic teller machine in the United States, often redundantly ATM machine, automated banking machine. In British English, the terms cash point, cash mashine and "hole in the wall" are most widely used. Other terms include cashline, nibank, cash machine, cash dispenser, bankomat or bancomat. Many ATMs have a sign above them, indicating the name of the bank or organization that owns the ATM, and possibly including the networks to which it can connect. In Canada, ABM that is not operated by a financial institution are known as "white-label ABMs". On most modern ATMs, customers are identified by inserting a plastic ATM card into the ATM, with authentication being by the customer entering a personal identification number (PIN) which must match the PIN stored in the chip on the card or in the issuing financial institution's database. An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs.




List of subjects for Diplomaed Associate of the Institute of Bankers, Bangladesh (DAIBB) Exam:


1. Management of Financial Institutions (MFI)

2. Lending Operation & Risk Management (LRM)

3. International Trade & Foreign Exchange (FE)

4. Information Technology in Financial Services (IT)

5. Management Accounting (MA)

6. Central Banking & Monetary Policy (CMP)
or
Agriculture & Microfinance (AM)
or
SME & Consumer Banking (SME)
or
Islamic Banking (Is. B)
or
Investment Banking & Lease Financing (ILF)
or
Treasury Management (TM)



List of subjects for Junior Associate of the Institute of Bankers, Bangladesh (JAIBB) Exam:
1. Principles of Economics & Bangladesh Economy (PBE).
2. Business Communication (BC).
3. Laws and Practice of Banking (LPB).
4. Organization & Management (OM).
5. Accounting for Financial Services (AFS).
6. Marketing of Financial Services (MFS).






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