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Jemshah
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Asked: 2022-12-30T13:14:57+00:00 In:

Explain three uses of computers in the banking industry. (6 marks)DICT MOD 1 July 2020

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Explain three uses of computers in the banking industry. (6 marks)DICT MOD 1 July 2020

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    1. Record-keeping: Computers are used to store and manage financial records, including customer account information, transaction records, and bank statements. This enables banks to track and manage financial data more efficiently and accurately.
    2. Transactions: Computers are used to process financial transactions, including deposits, withdrawals, and transfers. This enables banks to handle large volumes of transactions quickly and accurately, improving the efficiency and convenience of banking services.
    3. Risk management: Computers are used to analyze financial data and identify potential risks, such as credit risk or market risk. This enables banks to take proactive measures to mitigate these risks and protect against financial losses.
    4. Investment management: Computers are used to manage investments, including the analysis of market data, the selection of investment portfolios, and the tracking of investment performance. This enables banks to provide investment services to customers and to manage their own investment portfolios more effectively.
    5. Customer service: Computers are used to provide customer service, including online banking and other self-service options. This enables banks to serve customers more conveniently and efficiently, and to reduce the need for in-person interactions.
    6. Marketing: Computers are used to analyze customer data and to develop and implement marketing campaigns. This enables banks to target their marketing efforts more effectively and to better understand and meet the needs of their customers.
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