How technology impact on banking sector ?
Technology
has an impact on banking sector in many ways but some of the main reasons or causes
are that the data or information will be store online on a server and has a
high security in which corruptions and crimes are not occurred. The details of
the transactions in the accounts are now easier to save on the server. Now a
days there are more easy things to in banking sector with technology Banking can’t survive today without technology. Needless to
say what technology has done to us and how easy the life has become?
Let’s go back to the era
where there were no ATM’s, can someway tell me how life was at that point of
time and how life is today. The same goes for things that we can do online
these days, this has all happened because technology is playing a huge role in
banking nowadays. You remove the word technology from banking and I can
guarantee things will work but the banks will be no more useful .What we see today's banking features, ease of banking,
banking right from our bedroom, etc. are the impact of the technology in
banking.Since, the RBI being the central bank always focused on improving the
productivity of the banks for that the major player is Technology.With the development of Banking Applications, the banks
process becomes faster and more reliable and the record keeping becomes much
easier.
The magnetic data recording
technology was used with the magnetic strips on the plastic cards and hence,
the ATM/Debit/Credit Cards are used along with the ATM Machines which reduces
the account holder's requirement to visit the branch within the banking hours
to withdraw the money from his/ her account. It is very difficult for the bsank
if the atm machine is not there there then for the transaction of money all
will have to come in the bank and there will be chaotic situation.after that
online banking without going to the bank we can do all the transactions at our
home only With data being centralized, and increasing internet reach, the
Internet Banking Solution was developed and now it is offered by almost every
bank. The Internet Banking offers you many transactions and inquires to be
performed online without visiting the branch.
For so many peoples bank can
not be the place where each and everyone can go for the transactions billing
etc so the bank has given some technological facilities The various banking
automation systems also facilitated the users with ease of automated banking
services like cash deposit machine cheque deposit machine etc at home if you are busy; and not able to go to the bank then from our smart phones have special
apps or banking apps which allows transactions at home only With the
introduction of Mobile Internet and Mobile Application Development, the Mobile
Banking Applications were developed and it makes your life easy just banking on
your mobile which is truly anywhere, anytime. So the technology is useful for
the banking sector.
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