A certain bank integrated the use of computer networks for its operations. Explain two benefits the bank would realise from this move.(4 marks)July 2020

There are several benefits that a bank might realize from integrating the use of computer networks for its operations:

1. Increased efficiency: Computer networks allow banks to automate and streamline many of their operations, reducing the need for manual processes and increasing efficiency. This can lead to cost savings and improved customer service.
2. Improved security: Computer networks can provide enhanced security for sensitive financial data, through the use of encryption and other security measures. This can help to prevent data breaches and protect against cyber threats.
3. Greater accessibility: Computer networks allow banks to provide online banking services, giving customers access to their accounts and other banking services from any location with an internet connection. This can improve customer convenience and satisfaction.
4. Enhanced collaboration: Computer networks allow bank employees to share information and collaborate more easily, regardless of their location. This can improve communication and coordination within the bank, leading to more effective decision-making.
5. Better data management: Computer networks allow banks to store and manage data more efficiently, allowing them to access and analyze data in real-time and make informed decisions.