International banking technology is as diverse as the world's citizens.
Banking technology, like the world's citizens, varies from nation to nation. Its continuing advancement stems from the ever-changing need to respond to each country's evolving economic, political and social demands.
Types
Some types of international banking technology are standard; for instance, ATMs, e-banking and check cards are available from the U.S. to Nairobi. Some types of technology, however, are region-specific. For example, in India, bank technology allows customers to make Internet donations to any of more than 1,000 deities.
Significance
Advances in international banking technology have both economic and social significance. For instance, in Germany, software that enhances the ability to analyze and manage portfolios improves a German bank's marketability to financial professionals and private clients. In Kenya, however, bank technology provides previously unavailable access to banking services by enabling citizens to transfer money using their cell phones.
Warning
International banking technology does not develop uniformly; this renders some markets vulnerable to criminals with knowledge of their technological shortcomings. For instance, as of 2010, Australia's ATMs use magnetic strips rather than the chip-and-pin technology used in other developed countries. Criminals exploit this weakness by engaging in skimming, a method of stealing ATM information that is ineffective with chip-and-pin technology.
