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It was in the 1980s that this system was introduced in other parts of the world like Europe, Australia, and Asia. ☞ With traditional banks, you must have gone through the woes of ‘Oh, it’s a Sunday, I cannot go to the bank’ or ‘It’s past 6 in the evening, the bank must have closed for the day’ often. Universal Banking Management of public funds is a huge task, which is usually undertaken by the banking systems. Although using a traditional bank might seem old-school or too conventional, there are certain advantages unique to banking with a financial institution that has brick-and-mortar branches. It can thus realise the advantages of intensive specialisation and division of labour by carrying out separate banking operations under different staff. However, due to the advantages of Islamic banking, the industry has expanded rapidly over the last decade, growing at the rate of 10 – 12%. Modern Banking Systems serves the banking community with a full suite of integrated core and ancillary software solutions. However the benefits of technology in banking have become even more apparent in recent years, as phone, online and mobile banking has revolutionized the way we take care of our finances. Most of the economic duties that would have been handled by the national banking system, ... Benefits of Banking . ☞ This is one of the most obvious and best advantages of online banking. The branch banking system has the advantages of large scale organisation because a large bank is able to recruit efficient and trained staff and pay better than the unit banks. If you are not sure if you should be banking online or simply going the traditional route of physically visiting a brick-and-mortar bank, you should learn the pros and cons of each. This article attempts to provide some insight into the different banking systems and the various advantages and disadvantages. 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