How is technology changing the banking industry?

[Arlene]

One of the world's largest financial institutions, Bank of America harnesses technology to serve its customers in numerous ways. Nearly 30 million customers use its online banking services to check account balances, transfer funds between accounts, and pay bills. Another 2 million customers use their cell phones to access its mobile banking services. The bank also offers talking ATMs for visually-impaired customers and answers customers' questions via e-mail and Twitter. Not only do these technological developmentws improve customer service -- an important element in customer retention--they also improve Bank of America's internal efficiency.

Based on the above case , the broad questions about technology trends include the following: What cutting-edge innovations are being introduced, and how do they affect the organization's customers, suppliers, distributors, marketing, and processes? How are these technologies affected by or generating, industrywide standards and government regulations? What substitutes or innovations are becoming available because of now technology, and how are these changes likely to affect suppliers, customers, and competitors?

[Love big words]

ACH, EBT, EFT, WEb-based banking, to name a few.