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Tuesday, 31 January 2017

How technology impact on banking sector ?

By Dr. IM  |  09:23 No comments

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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Author: Dr. IM

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