Question

Fixed Bank Assets: The bank has a central location for its main office plus three, local branch offices. All facilities were refurbished in recent years by the holding company and electronic payments services installed to ensure that the bank could offer full array of banking, securities and insurances services.

what assumption and recommendations can be made in light if the information above

Answer 1

In the light of growing technology, it is important to put in place the technology driven devices so as to increase the efficiency and effectiveness of the sevices being rendered to the consumers.

In the above mentioned situation, the bank has a central location for the main store plus three local branch offices. Its holding company renovated the service providing procedures and and brought an innovative change of installing electronic payment mechanisms and other functions such as electronic banking, account security and insurance services.

From the above statements, assumptions on account of renovation adapted by the banking company includes the following changes being done:

• Introduction of electronic means of banking
• Setting up ATM infrastructures
• On-line account management facilities
• On-line fund transfers
• Digital maintanence of assets
• Digital locker facilities
• On-Line loan processing services
• Digital Investment services

Further, we know that risks and rewards come together, with the implementation of electronic and digital platform, technological and security threats chances of incurring also increases. To manage and mitigate the risks, following are the recommendations :

• Maintaining proper security controls over customer accounts
• Implementing strong authentication means
• Ensuring compliance with banking relutaory norms.
• Banks should verify the identity of their customers.
• Customers should be assigned digitalized and secured authentication mechanisms.