Banking and Finance Project

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Banking and Finance Project by Mind Map: Banking and Finance Project

1. Computerization of the Banking Industry.

1.1. Electronic Recording of Accounting computer processing system (ERMA).

1.1.1. Updated checking accounts.

1.1.2. Computerized manual processing.

1.2. Magnetic Ink Character Recognition (MICR).

1.2.1. Accounting.

1.2.2. Cheque transactions.

1.3. ERMA and MICR evolved banking.

1.3.1. Robotic document sorting.

1.3.2. Cheques with pre-printed account numbers.

1.3.3. Optical character recognition.

1.3.4. Automated Teller Machine (ATM).

2. Description of Industry (Jeneen)

2.1. What the industry entails

2.1.1. Financial Transactions Through branches, ATM's, telephone banking, online banking, mail.

2.1.2. Activities of banks categorized into the following types: Deposits, financial consultations services, loans, cheque cashing, issuing debit cards and credit cards, etc.

3. Example Companies (Krista)

3.1. Credit unions (BVCU)

3.2. Royal Bank of Canada (RBC)

3.3. Canadian Imperial Bank of Commerce (CIBC)

3.4. Bank of Montreal (BMO)

3.5. Toronto-Dominion Bank(TD Canada Trust)

4. Impact (Gaige)

4.1. Accounting.

4.1.1. Software. Organized data. Spreadsheets. Recording transactions. Paying bills.

4.1.2. Internet. Sharing of documents. Online taxes.

4.2. Human Resources.

4.2.1. Online hiring and training.

4.3. Marketing.

4.3.1. Social Media.

4.3.2. Email.

4.3.3. Internet.

4.3.4. Mobile.

5. Exmple Company (Krista)

5.1. Credit Union

5.1.1. How do they use computers? Transaction Processing Systems (Banking Systems) Loans Customer Interaction International Banking Security Administration

5.1.2. How do they use IT to do their business? ATMs Credit?Debit cards Security Systems Denotation Counters Coin Counter Marketing

6. How Has IT Evolved? (Gaige)

7. Issues because of IT? (Jeneen)

7.1. Security?

7.1.1. Very similar online security guarantees on all banking websites Customer safety measures listed that must be followed to qualify for reimbursement. List of security measures taken by bank Firewalls, SSL encryption, etc.

7.2. Competition?

7.2.1. All banks seem to have followed the same security measures and guarantee Banks following suit with chip in debit cards

7.3. Needs any other IT issues listed here that we're using in our report

8. Incorporate/Deal with:

8.1. Knowledge management (Krista)

8.1.1. Market Trends

8.1.2. Product Knowledge, New products Loan Specials Investment term rates New Products

8.2. EDI (electronic data interchange) (Krista)

8.2.1. Electronic Money Transfers Transfers to other F.I. E-mail money transfers Credit/Debit card transactions Inter-branch transfers Online bill payment transfers

8.3. Security (Jeneen)

8.3.1. Regular reviews of security practises and technology updates.

8.4. ERP (Gaige)

8.4.1. Software Planning. Purchasing. Sales. Inventory. Marketing. Human Resources.

8.5. CRM (Gaige)

8.5.1. Insight into the behaviour of customers. Helps cross sell products. Closes deals faster. Simplifies marketing and sales processing.

8.6. E-Commerce (Bruce)

8.6.1. Mobile Money Transfer

8.6.2. Mobile ATM

8.6.3. Mobile Ticketing

8.6.4. Mobile vouchers, coupons and loyalty cards

8.6.5. Content purchase and delivery

8.6.6. E-Commerce Social Trends

8.6.7. Location based Services

8.6.8. Information Sevices

8.6.9. Mobile Banking

8.6.10. Mobile Brokerage

8.7. on-line trends (Bruce)

8.7.1. E-Commerce Payment Systems

8.7.2. Electriconic Money

8.7.3. Bitcoin

8.7.4. Electronic funds transfer at point of sale (EFTPOS)

8.7.5. Interbank Network

8.7.6. Payment System

8.7.7. Real Time  Gross Settlement

8.7.8. Society for Worldwide  Interbank Financial Telecommunication (SWIFT)

9. Possibilities for the future of IT? (Gaige)

9.1. Interactive Tellers replacing ATMs.

9.1.1. More convenient.

9.1.2. Safer.

9.1.3. Quicker.

9.2. Completely computerized credit cards.

9.3. Cloud computing.

9.3.1. Supports all core banking processes. Quicker. Reliable.

10. Build relationships with customers by: (Jeneen)

10.1. Give back to the community through various initiatives.

10.1.1. Kids

10.1.2. Environment

10.1.3. Footprint Reduction

10.2. Customer Service easy access

10.2.1. Email

10.2.2. Apply Online

10.2.3. 1-800-number

10.2.4. Branch and ATM locators

11. IT contributions to ethical and environmental issues? (Bruce)

11.1. Needs a listing of ethical and environmental issues that we're using in our report.

12. Market Industry Description (Krista)

12.1. Geographic target market?

12.1.1. Banking online

12.1.2. International Banking

12.1.3. Knowing the local market

12.1.4. How Prime Rate is affected

12.2. Demographic target market?

12.2.1. Children

12.2.2. Young Couples

12.2.3. Retirement Planning

12.3. Behavioral target market?

12.3.1. Understanding how the customer interacts with the bank (what products are held, what is the balance of the accounts and how do they use the service(s)

12.3.2. Understanding channel use and preferences

12.3.3. Understanding that most want to feel in charge of their own banking

13. First use of computers CIBC 1967

13.1. To Update Customer Bank Books

13.2. RBC. 1967

13.3. Inter Branch Banking