Points to remember before you participate in this discussion:
|Dhiraj Kumar said: (May 15, 2020)|
According to my point of view, in this modern era, technology is playing a very important role to enhance the banking sector.
There are many advantages of technology in banking sector :.
(1) Rapid transaction- With the help of internet today, we are able to do transaction very rapidly from any place. That's why today we do not see crowd in the banks like earlier.
(2) Reduction of cash Robbery- With the help of internet banking we can avoid ourselves from cash robbery.
(3) Easier consumer budgeting- With the help of technology we can get our previous transition details' record very easily.
|Roshan Rai said: (May 3, 2020)|
My name is Roshan Rai.
In my opinion, technology has eased our banking life to a great extent. Now we don't have to queue in the bank for the withdrawal of the transfer of money because we can do this at any time anywhere. Now in emergency cases, we don't have to bother about money because we have net banking and ATMs at footsteps. But all these technologies are good for us until we have a strong security system and we are doing this also.
|Ajay Yadav said: (Feb 28, 2020)|
|Hello everyone, very good morning you to all.
This is Ajay Kumar, today my topic is the impact of technology in the banking sector.
In my point of view, It has a great impact on the banking sector.
By the development of the banking sector, it helps to prevent from standing in the queue in a bank for transfer /withdraw/sending of money but through technology, we can do it within a minute in the home.
By this, it takes less time to do work.
The efficiency of working in banks also increases.
Like every coin has two faces it has also a negative impact on the advancement of technology lots of people are doing illegal activities like hacking, cheating, etc by this they are able to withdraw money by the hacking method. That's we also have to improve the security of banking as well with the advancement of technology.
Thank you for reading my opinion.
|Neevadha said: (May 24, 2019)|
|The banking sector is one of the growing sectors but our technology is a good part of this. Today is a money world want to save us our money using banking its very useful to technology also. Nowadays lots of technology using the banking sector. But it's not enough.|
|Saktheeswaran said: (May 1, 2019)|
|In My point of view nowadays the banking sector is highly automized. In order to save time and to send money through smartphone and we are check bank balance on a single smartphone and take money using via mobile. But sometimes theft bank details are collected and they are robbery amount on the bank account.|
|Ragav said: (Apr 29, 2019)|
|Hello everyone, I'm Ragav.
My opinion is that technology advancement in the banking sector had improved greater customer satisfaction but instead it decreased the intake of younger generations in the banking industry as it involves only automation and doesn't need any manpower or mind. It reduced the queues, removed paper challans and nowadays every banking activity or process can be accessed through online 24/7 without any official manual approval. We cannot stop the technology that is striking towards the banking sectors instead we can improve the security.
|Shivam said: (Mar 3, 2019)|
|My opinion is that technology is impact on banking sector we have of lots of example take a case netbanking is good because we don't need to go for bank and he save our time and we can do tranaction in few second and we have a smartphone we can do app through send money and checking money available in our account.|
|Dhananjay Sarangi said: (Oct 13, 2018)|
|Hi, This is Dhananjay. Today we are discussing a topic about the impact of technology on the banking sector.
Technology has a huge impact on the banking sector.
1. We were having to stay in the queue for deposit/withdrawal/transfer the money in the bank but through tech. Now we can do it in a sec sitting at home.
2. We have smart phones, through which we can avail all banking facility easily through internet.
3. Technology also shortens the lengthy system in a bank, we all need is system generated number which carriers our all bank details.
No doubt, it has increased the efficiency of the banking sector in an innumerable way and the most important thing is it's less time-consuming.
|Hanumansingh said: (Sep 25, 2018)|
|According to my views, the technology beneficial for banking because it does our work easy. We can send money, transfer money, read all condition for open an account.
But sometimes it is harmful to us because some people do its misuse and steal money, hack a computer, disturb bank people.
So, the technology can good for our if we use it in the right way and harmful for our if we use in a bad way.
|Jojo said: (Sep 8, 2018)|
|Technology has really transformed the banking sector. CBS is the one development which makes it possible for a bank to fetch details of a customer having a/c in the same bank but in another branch. A person can do banking anywhere, anytime. Online banking has really paved the way for the customers. Transfer of funds can be done anywhere, anytime, details of a/c can be fetched anytime, payment can be made anytime without standing in the long queues thus saving the time.
CTS helped in the fast clearing of cheques. Gone is the time when banking was totally carried out on paper. There was a risk of losing the documents or a customer's detail etc but now everything has gone digital. Information can be retrieved in no time.
With the advancement in technology comes to the risk of cyber security for which India needs to have a robust security system so that there is no risk of data theft and customer's belief is reposed on banks.
|Mubashir Ali said: (Aug 9, 2018)|
Yes, definitely technology is a boon for the banking sector. Earlier people used to stand longer in queues for passbook print, now in some banks, it is seen that passbook print machine is available which isolates people who only came for that purpose and saves their time.
Previously no ATMs were there. The introduction of ATMs helped people become aware of their transactions, savings etc.
The banks use SQL which helps them maintain multiple records that can be retraced anytime by them with respective account numbers.
|Sheetal Kadam said: (Jul 27, 2018)|
Yes, it is very helpful to our day to day life. But at a certain extent, there are a lot of people who do not have knowledge about this technology. In our country, the most population of people in the rural area where the number of Illiterate people is more than that of Urban. So it is necessary to literate those people about this latest technology. And help our country to increase the economy.
|Lokendra said: (Jul 18, 2018)|
Our Gd topic is how technology impact on the banking sector.
At present time I think there is no sector which is running without technology. And the bank is one of them.
Actually, technology is the boon of our banking system. As I am talking about technology so a few years ago when these technology doesn't exist.
All of the work is done on bundles of papers and files. Which is very hectic to handle and not efficient.
In today's scenario, there is important vitals of technology-.
1) public are free from various hectic process of banks like a standing in a rows and making transaction by slip.
2) when I'm talking about our old banking system so if you want to calculate our cities total amount and calculation so you have to summarise your to read all the notes and index in the papers but nowadays you can retrieve all the amounts all the details in just a second at your fingers.
3) and if I'm talking about the economic systems you can retrieve the what amount a person does contain that like of exposure of black money and handle the big amount of data of money.
At the end there is only thing is that you have a tool for yourself its totally up to you how can you use this.
|Vishnu said: (Jul 18, 2018)|
|Nowadays, e-robbing is more. When we do the online transfer, some people hack our information. When we swipe our cards, they place a skimmer in the machine and they hack that also.|
|Ashish said: (Jul 17, 2018)|
|Technology is helping banking sector a lot. For example take the case of net banking. Without going to bank we can track the total amount present in our account. We can do transaction at home within few seconds. Gone are the days when we used to withdraw our money from bank and then use it for any purpose.
Suppose we are seeing something online and we wish to buy it we just need to type our atm card number and thus the purchase is completed. Thus with banking sector updating its technology it's all beneficial to the common people. But as we know there are always two sides of a coin. With many good advantages, there are disadvantages also.
|Yogendra Sharma said: (Jul 14, 2018)|
In my opinion, technology make an tremendous change in our banking sector. To visualize this change we need to think about Indian banking sector 10 to 15 years ago and compare it with today's situation. The first thing that comes to our mind is queue in front of most of the banks for some transaction, staff was also very frustrated during that time to see such a large queue, but after demonetization (8 Nov. 2016) Indian banking industry totally transformed, UPI (unified payment interface) was also launched that plays a very important role in transformation of our banking sector, today we can done every transaction very smoothly by knowing just one UPI pin. We have lot of apps available in market for the same like BHIM, PAYTM, MOBIKWIK, TEZ etc. It made people's life very easy and now bank employees don't need to waste their precious time in handling rush of people, now they are working very smoothly on their laptops.
Something are also their that needed means once I was travelling and I did not have my debit or credit card but having my mobile phone and I did't have cash at that time so I was in a big trouble so at that point of time what I thought was there should be an system which will connect our phone by ATM machines so we can use cash at any point of time even if we don't have our card and it will help us in very difficult situation.
This can be achieved by iot (internet of things) and presently I am working on it. This will be game changer in Indian banking industry.
|Zainab said: (Jun 21, 2018)|
|Yes, of course, Banking sectors are flourishing in this era, everybody needs cash and to keep that cash you need a secured place that is Bank. Evolution and revolution both are gradual in nature, emerging technologies revolutionising the banking sector at spur. This is also creating ample amount of jobs and banking sector always captures limelight because of the changing trends like cashless, cashback, Zero maintenance charges, asap accounts and other offers. So undoubtedly technology is imposing a strong positive effect on the baking sector.
|Anita said: (May 23, 2018)|
In my opinion, technology has impacted the banking industry. As we know that we can do any types of transaction online which is very secure also. We do not have to wait for any types of transaction It has made our life better compared to earlier time. A time is very useful and the bank has understood this already. Digital or online banking maintenance charges is less so it is beneficial for the bank also. Now er have many secure apps also which help for the secure transaction like Paytm, Bhim, tez etc.
To conclude I would like to say that these types of online banking is the best option for the customer as well as the bank.
RBI plus government also like to promote it as it is good for the environment as it is paperless.
|Appurajan said: (Apr 13, 2018)|
Technology made a tremendous change in banking sector for both customers and banking staffs. Before 10 years everything was manually maintained but now its completely computerized. The technology made customers not to visit banks by providing facilities such as internet banking, UPI based applications, NEFT, RTGS, USSD Codes etc. ,
On the other side for bankers (Core Banking Solutions) CBS was created which made employees to maintain the complete structure of customer database under single centralized repository. Before, to clear one cheque it almost took 7-14 business days but now cheque truncation system (CTS) does that job within fraction of time. It saves time. The technology provides efficient service but still there are problems particularly technology based such as hacking banking servers, hacking customers accounts. Hence banking have to be upgraded to new technology named "block chain technology" which will be more secured and transparency. We have more pros than cons for technological impact in banking sector.
|Thembelihle said: (Apr 12, 2018)|
|Yeah, technology plays a huge role because if make things more effective and efficient but in other hands, it can be put our life I danger we as people we reliably on it. Specialy in the banking sector is like is our life. Technology is cool but we have people who tracking our account because of this tec that get an update every second.|
|Ghowli Lalitha said: (Mar 26, 2018)|
|Technology is like a trend, it goes on changing every day at any time. And we should be proud that we are using these new advancements in our smartphones which we can carry anywhere, and make our work achieve in a smart way. And one of the smarter technology today we are using is banking sector, this made our lives really easier, and every user is smarter using those secure apps, we make our transactions very soon as soon as we know the information in our call within a second. The technology was given the privilege to use applications which are user-friendly.
|Shubham Mittal said: (Mar 19, 2018)|
|In my opinion, Technology has taken dignified position in banking sector in doing all the transactions at a single window. Over the last few years, more than 10 Cr users have connected with banking services and it all happened due to new technological advancement that is being adopted by each bank towards a quick upsurge.
Since Net banking and Mobile banking options are introduced for users, the process of transferring money has become easy.
|Fathima Y said: (Mar 12, 2018)|
|In my point of view, technology plays an important role in the banking sector. Some negative impacts are faced by the sector but there is no effect on the banking operations because the technology have the solutions to overcome this type of negative impacts facing the banking sector. The technology came to the banking sector transaction are more transparent and smooth. And it also helps to reduce paper work and improve speed operations. This will help the sector more customer oriented and also increase more deposit. The customer is well satisfied with the technological advancements.|
|Bavita Kumari said: (Mar 5, 2018)|
|Hello, I am Bavita.
In my point of view, Technology plays a major role in the banking sector. Technology in banking sector helps to
- create transparency in the transaction
- make transaction fast and smooth and secure.
- reduce paper requirements
- make us smarter.
Due to the technology, we can make a transaction within a second any time any days. We can pay an electricity bill, and many other facilities. There are many app like payatm, bhim which is very secure app. This is secure because before every transaction they ask for secret password and OTP. There is transparency means we can get every detail of transaction by this technology, when and who and from where the transaction is made we can get every detail within a second. And RBI keeps every detail of bank also. So technology makes the banking sector more transparent. Due to technology, paper requirements will be decreased, hence environment will be more healthy.this will also decrease the no of black holders and black money and corruption so technology has a good impact on the banking sector.
|Naveena D said: (Mar 1, 2018)|
|Good Evening Friends,
According to me, Nowadays technology is very improved. Especially for banking system was improved by the technology development. Security of the banking process well performed.
Even though there are some illegal issues and corruptions done by the some peoples. Recently, there are many problems and scam in the banking. So technology will be helpful for peoples as well as it is leads to corruptions for scamp.
|Karuna said: (Feb 13, 2018)|
|Dear friends, this topic is very interested. TECHNOLOGY impacting BANKING in various ways. In some way it is more and more useful as in urgent withdraws, for transferring money to other accounts, to keep them safe and finally giving various chance to people who need money. So we have to follow using technology is in good purpose. Which is useful to our SOCIETY as a whole of our Nations, states, world.|
|Faizan Azam said: (Feb 9, 2018)|
|Technology is impacting banking sector because nowadays people mostly use net banking and not many people use banking sector.
There is a reason for that and it is that banking sector is unsafe for us because we can be a rip off by frauds but in net transaction, no frauds can rip off us.
|Faizan Azam said: (Feb 9, 2018)|
|By my point of view technology is more better than the banking sector because as we all know that there frauds are increasing in banking sector but in technology, there is no fear of fraud.
Let us take an example, if we are going in a bank to transfer the money from one place to another there we can rip off but in net banking which is a part of technology there we cannot be rip off.
So, at last I Want to say that net banking is more better than the banking sector.
|Uma Sharma said: (Jan 30, 2018)|
|Hello everyone I completely agree with all of your information and you guys had put efforts which I can see but it would be more helpful to me if you put content with some relevant data or facts or figure it would help me in clearing my GD in a valid manner because discussing just on words doesn't sound as a strong statement, it would be better if you guys just put little more effort to provide some data with numeric figures and valid information else everything is good and in a very well manner. It's just a request to put your data in facts which add value to your content with proper resources or reference. Thank you so much for reading, hope you would help me with this.|
|Jitender said: (Jan 24, 2018)|
This is Jitender As the topic is How technology impacting the banking sector. As we see all around technology has been increasing day by day and developed its advanced features to make peoples life easier and simpler. In Banking sector technology plays a very important role to make life easy and secure.
. In earlier years many people standing in a queue for withdrawing money, transfer from one account to another account and cheque/DD transaction. It was waste a lot of time and paper cost and people carry a huge amount of cash by hands which were a risk of pickpocketing, robbery. But now technology has changed the banking system. We can transfer money, buy any products, pay utilities bills, electricity, recharge in a second and all these things done by our fingers.
It has saved our time and not stand in a queue for long hours and banking sector is safe and secure rather than carrying a large money.
As we see that mobile application like paytm, Bhim app which enables to do transaction very easily and its a secure enough by otp system and pin based sytem. These apps provide a very easy interface between the user so that every individual can use very easily. But in rural areas many peoples are illiterate and they don't know about the facility of banking system, don't know how to use the bank facility due to lack of knowledge or awareness among the peoples or have a fear of fraud / hack their accounts but my dear friends I would like to say that these banking sectors and apps like paytm is 100% safe and secure. Most of the people have an absence of mind and don't follow the precaution while doing online transaction so that lack of awareness is the main cause for fraud or hack their accounts.
At last, I would like to say that technology is a boon for banking sector because it makes life much easier and convenient and happy life. There are some points how technology impact banking sector.
1. Do online transaction in a minute rather stand in a queue or going to somewhere else like banks.
2. Technology provide all banks information like check balance, NEFT transfer, IMPS transfer for higher amount in a very easy way and much secure.
3. If by chance any transaction failed the refund will be come within 5 days so don't need to worry about it.
4. Technology improves banking sector by coming with upi (unified payment interface) which enables to do transaction much easier way and users not able to share their card details or any bank details upi provides a upi adress which is same like email adress and using this upi adress anyone can simply do online transaction without any fear or hesitation.
So guys technology made our life much easier and simpler way to live.
Thank you guys.
Have a good day.
|Saikiran said: (Jan 21, 2018)|
|Hi this is Saikiran.
I would like to thanks for you giving to me this opportunity now days banking sector is impacting on our life why because it is very helpful us and useful ex we have send to money for your family but there is no banks available near your place then you got an idea you sent money through your online banking like paytm, phone, tez, icici mobile banking. Its helpful for modern people, educated people like job holders but not for rural area people because they can not understand this much technology many people I saw even they do not know how to draw the cash from atms they faced many problems when they proceed to transaction, presence of absence mind they do not know follow the rule and regulation or precaution during transaction people must have to aware of it and most of the technology based on software and internet they are not secure because presence of attackers in the world in future those kind of technology may be hacked so government have to aware of it thanks for every one.
|Arundeva said: (Jan 20, 2018)|
|Really its a big impact on our life. You cannot lead your life without bank sector is not possible in our day to day life. If you want buy an online product using your credit card. Even supermarket also have credit card machine. Very to easy to handle to transfer money. If you want to share money at any time you use net banking simple way to transfer anywhere. Don't go to the bank with that formality to do.|
|Jagan P said: (Jan 17, 2018)|
|Technology towards the banking sector makes our country as digitized but we are democratic country whenever we use the money we came to know the people are there in the money for example 10Rs note has Mahatma Gandhiji Photo whenever we see that we feel Gandhi is our nation father.
And people who are in the rural area are not able to use this system because Indian is known for different kinds of culture we always need money in our hand.
In banks people who stand in the queue, they know how the bank works as well as it also reduces our fats in our body for standing a long time and their legs get stronger than stronger not only in banking in any place.
Technology in Banking is a good development we can do all transaction in min or sec.
Even it people who fail to pay tax to the Govt will be paying the tax through this method this is also a path for demonetization.
In my point of view technology in banking will help in time consumption but we should completely get into the Technology India is a hard-working people country so we need money, not a Debit or Credit card or net banking.
|Rishitha said: (Jan 8, 2018)|
|According to my point of view, technology is improving day by day, we cannot able to stop it. In the banking sector, technology has been improved a lot. Paytm is an example. It is useful to us. It reduces our work. But it involves much theft. Many frauds have been raised by this. But technology improvement is needed in our country. We need our India to be a digital India. So we must adapt to it. Many transactions had done through internet. So we must ready for everything. In banking sector also, many security apps had been created and security is been improved. So we can believe bank with 90%. Thank you for the opportunity.|
|Tanmay said: (Jan 4, 2018)|
|All the technology developed in the banking sector is very useful and less time consuming and there is no need to worry about any kind of fraud or theft because if the cyber crime is there then the investigation is also there. We only need to spread the technology and its uses by designing the demonstration in a simple way such that people from every corner of the country would be confident for the cashless transaction and this will lead to the next step of development.
|Pankaj said: (Dec 31, 2017)|
|According to me, technology has been proved as boon to banking sector. Now people can receive or send money to anyone at anytime using net banking. There was a day when bank used to be filled with people standing in queue and filling up the forms. But now the scene is completely changed. Anyone can download some apps like paytm, phone pe, or any banking app and fund can be transferred easily with pressing few few buttons on the phone. Some gadgets like debit card or credit card, and now NFC enable phone have made making payment very easy and convenient.|
|Souvikkumarpal said: (Dec 18, 2017)|
|There are several technologies has come in our country which is used for human beings. It impacts on different sectors, especially in the bank. Lots of gadgets like ATM card, Credit card, Greed card are used in the banking sector for making the working process frequently and bring digitalization. There are various types of apps like the net banking system, phone pe, Paytm by which we can make an easy transaction by clicking just one button. So we need not to carry a passbook or other paper to the bank. Nowadays Coupon system has launched. This is the process that you have been given a coupon with a number and sit with relaxing on a bench. When your turn comes, you can proceed to the counter and complete your session. So for this system, we don't need to make any queue in front of the counter.
But there are some disadvantages in case of this technology.
First is, obviously, illiteracy, Most of the people live in rural areas can't understand this system related to technology. For that, they face a problem when they proceed to the transaction.
2nd one is, the presence of absence mind. Most of the people do not follow the rule and regulation or precaution during the transaction. So people have to aware of it.
3rd is, Most the technology is mainly based on software or internet as they are not secure because of the presence of attacker in the world. In future, those kind of technology may be hacked. So Government have to aware of it.
|Amit said: (Dec 16, 2017)|
|Day by day with the help of technology, the banking sector is improving. Now in urban areas, many people have started cashless transactions who were frightened before because of security reasons but now I think cashless transactions are more secure than cash transactions. Nowadays there are some smartphone apps also which are very useful for transactions, by UPI system it's very easy to send money with only one password.
There are some other benefits also like you don't need to stand in a queue in banks, no need to fill paper forms, no time limits (online banking is open 24*7).
|Dibha said: (Nov 24, 2017)|
|Technology has affected every aspect of our life and the same has happened with banking. In my opinion, technology has brought about mixed effects on banking.
1) Earlier, every transaction associated with banks would require the use of paper, however with the emergence of ATM cards, online banking etc. Such transactions have been made almost paper-free. This has been an environmental-friendly approach.
2) Nowadays people do not need to go to their home branch to carry out financial transactions. Facilities like online banking, ATM cards etc. Have made it possible to make any bank accessible to us.
3) Today arranging a cash amount is not at all required, one just needs to swipe his mobile phone and money would be transferred to the desired location, and that too in a split of a second!
4) Technology has also amended the existing procedures- for example earlier one had to be personally present at a bank to apply for his duplicate ATM or submit other details. But now one can do the same at his home using the online banking gateways. Moreover, getting your passbooks updated is also not a tedious and time-taking task; just go to the machine, insert your passbook and it is done!
Technology, however also comes with some disadvantages-.
1) With the use of more such online pathways, one needs to be more alert towards cyber crimes, since one's savings is protected under only one password!
2) Already there are so many ATM frauds known to be happening, so blindly relying on such methods to transfer a large amount of cash is dangerous.
3) Paper receipts, though a wastage, yet one has some evidence for his transaction. But now, one may have none when it is required!
Thus, I feel that baking has witnessed both positive and negative effects of technology, and its overall consequence now rests on how we use it.
|Kunjal said: (Nov 19, 2017)|
|Technology is making a significant impact in the banking sector. Gone are the ancient days when paper registers, bulky computers and large queues used to adorn the branches of the bank. Now, banking is available at fingertips. Internet banking and digital payments are the new buzzwords in the banking industry. Even Atm's and cards have become things of the past. Technology has enabled this convenience of seamlessly banking anytime and anywhere. UPI enabled payments system is like a landmark that provides hassle free transfer of money between any two bank accounts. Technology is like a magic wand that has simplified the banking processes of today.|
|Ravali said: (Nov 6, 2017)|
|Now a days technology in banking sector has gone to next level. In fact technology is a boon to banking sector and for people as well. Technology made many banking works very easy and using technology in banking works is very accurate too.
1. NEFT system has made many changes now a days. By this there has been easy access to the banks anytime and anywhere.
2. RTGS reduced the risk of transaction of huge amounts at a time and it conserves ones time as it is a immediate process.
3. CTS i.e. Cheque Truncation system has been playing a major role now a days. There is no need of carrying cheque to the bank, image of cheque can be sent and it is verified electronically. So this helps a person in many ways.
4. And this net banking not only helps to transfer money but also provides many facilities like recharge, booking etc.
And there will be always a alert message for every transaction and makes people to know every action of their accounts. And at anytime we can check our balance.
By the above all points we can say that the impact of technology in Banking sector is so great.
|Omkar said: (Oct 28, 2017)|
|According to me, technology in the banking sector is game-changing at every aspect. Transactions with cheques and DD are very slow and inconvenient and the main problem time we invest in line waiting for our turn. I still remember the time when people used take holiday from work as they have some work in the bank. So I conclude that use of technology should be further promoted in the banking system.|
|Shan said: (Oct 16, 2017)|
|According to me, technology plays an important role in the banking sector. The result of technology is that we can easily transfer money one place to another. We can be shopping online and pay money in some second. Nowadays there is no need to go the bank and stand in a long question. Technology brings a huge revolutionary but every aspect has a two side, good or bad like that it has also a bad aspect like hacking and fraud. India is a developing country and our a huge population are live in an urban area and they don't believe that e-banking is safe so I think we need some more time for changing the aspect of the people and I know after some time we will totally accept the digitalization in the banking sector.|
|Vijay Madaan said: (Oct 9, 2017)|
|Hi friends. !
Technology is a boon for each and every sector either it be a banking or anyother sector. Through it we can send a huge amount of rupees from one account to another. In a bit of second, As Through this we can withdraw, send (Imps, Rtgs, Neft) net banking, Record etc. This all could be done in a bit if seconds. Through a secure way. But its disadvantage is that. Not all of the citizens are aware of this technology and another one is there are more chances of hacking means it is less secure.
|Ms Rakshit said: (Sep 26, 2017)|
|If technology was not impacting with banking sector then we can not use atm, online transaction facilities. In earlier days, records of customers are organized manually. The manual organization makes the process very difficult to implement. But in recent days we use Database Management System (DBMS) to organize files, storing data. We can also modify data as well as customer records. The process is very easy and it improves the quality. Now, it's very easy to making a transaction, updating money, issuing demand drafts, online payment NEFT etc. We can do online shopping by paying money from our bank account at home. That is why technology is required in the banking sector. Not only DBMS but also using so many technologies to make it simpler.|
|Sjn said: (Sep 23, 2017)|
|Technology is really a boon for the society especially in the banking sector where we need to maintain records of millions of people. Online banking would reduce the corruption in the country and moreover people need not to stand in long queues to make any bank related transactions as they can be done simply by sitting at home.
We see the cases of theft and robbery rising day by day in our country, by using the online payments methods we need not to carry any money with us.
|Anshul said: (Sep 19, 2017)|
|Technology is a boon for the development of society. Technology has become an important factor for advancement of a country, economical development rate has been increased. Now a days people don't have to waste time in the process of any financial transaction, with the help of net banking facility within a minute financial transaction could take place with accuracy.|
|Vishav said: (Sep 10, 2017)|
|Few points to ensure everybody regarding benefits of digitization.
1. Relief from carrying the bulk sum of money in wallets such as chillars, notes.
2. Transparency in the transactions of goods which will eventually lead to less tax evasion.
3. Saving a lot of time but I am not sure about money as every convenience being provided demands charges.
4. Prepaid recharges and bill payments can also be settled online.
5. Provide employment to various intelligentsia from the technological field of interest.
1. Majority of rural population is unaware regarding net banking and other online services.( digital education is a must).
2. As the number of online users increases, the servers may remain busy.
|Gaurav said: (Sep 7, 2017)|
|Technololy has made banking very easy for the technology friendly people. We can make accounts online, transfer money, pay for our products, get loans easily. It rescued people from long queues and also saved peples time. In banks like hdfc, icici, idbi their most of the transactions are online. It also keeps our transaction details properly so no more reciepts. Artificial intelligence has made all the banking products available ti customers at home.|
|Parveen said: (Aug 31, 2017)|
|Good evening ladies and gentleman. Today our gd topic is "how is technology impacting the banking sector".
As my point of view. Technology makes life much easier. With the increasing technology, it reduces our time and money. As we all now in a bank there is much rush and long queue. It took very long to came our turn. So technology plays important role in banking sector.
It makes our work easy. Because of technology we make an online payment and do online transaction within a second.
Technology overcomes the problem of the queue and it saves our time.
But there is some disadvantage that while doing online payment server problem occur. And online transaction is not much secure because there is a chance of hacking system by red hackers.
Hacker collects precious information which put yourself at risk.
Hacker withdraws a large amount of money from our account. So we have to aware regarding this while doing a transaction.
|Mohit Purbey said: (Aug 24, 2017)|
As every coin has two sides likewise technology also has its two sides on banking sector the positive side and the negative side. So first I will speak about the positive impact than a negative one. Ever since modernization and digitalization of banking sector, it has impacted in a positive way from core banking solution to ATM's cash dispensing machine. Technology has made life hassle free. It has increased the efficiency of the bank, reduced bank operational cost, made bank to reach more people, providing 24*7 banking facilities in single window system and much more. Technology is a need of the hour and indispensable. But there is also the negative impact of this like if a server problem occurs then the whole bank stop functioning, rising cyber crime is another problem that it faces. So I think technology has impacted banking sector more in a positive way rather than in a negative way.
|Surya said: (Aug 21, 2017)|
|Though technology in the banking sector has huge useful, it also has a bad impact on human health, due to internet banking the laziness of the man increases and too job opportunity decreases slightly due to technology use.
The unemployment also causes a severe problem (for example : the unemployed guy received importing details about passbook, etc he can't able read and understand it).
|Krish said: (Aug 20, 2017)|
|In my view, first of all, change their system for those people are they live in rural areas for their small transaction in their mobile phones (not smartphones).
Because many of the peoples do not have a smartphone. And put it on some of the small machinations for small works.
|Chinnu said: (Aug 20, 2017)|
The modern technology really imposed a great change in banking sector, ofcourse in other sectors too.
From last 8, 10 years the banking sector improved alot due to implementation of technology. Before that we used to go to banks for every transaction even for balance enquiry and we are supposed to be in que for long time. Now all those things have gone. We are using laptops, mobiles for every transaction through atms, online internate banking. We are getting every update in our mobiles through mails, messages regarding our account maintenance. By this we can save alot of time and no need to postpone our works for banking purpose. The government and youth should take part in motivating people towards modern technology in banking sector. My best suggestion for government is to establish a bank and atm centre in every village.
|Ansh Varshney said: (Aug 18, 2017)|
|In my point of view, with the advancement in technology banking sector is improved earlier for even small transactions through banks we have to stand in queue for hours now the same thing can be done while enjoying snacks at home. With the digitization in banking sector precious time of people is saved.|
|Shishir said: (Aug 16, 2017)|
|Technology is impacting banking sector drastically. Now days are gone when a person has to stay in a queue for hours for his transections now it can be done even from a room within a minute. In banks, technology has reduced the man work and make bank free from bundles of files.|
|Annu said: (Aug 8, 2017)|
|This is a help to reduce the corruption in India and provide the safe method for transfer the money.|
|Vicky said: (Aug 5, 2017)|
|A Few years ago if you have to borrow a money, you can take it only cash but in today in this progressive world, you can do it by your mobiles.
ATM cards also have fast and 24*7 hrs system. Anytime you can withdraw the money or by using the card on mobile apps you can directly pay to someone.
|Krishna Kumar said: (Aug 4, 2017)|
Technology is helping a lot to the people like that it is harming. It is impacting on the banking sector is very helpful to all. As compared to olden days, today people can save the time. But a country like India government should provide more facility to borrow and deposit the money. For ex: If anyone goes to ATM center, they may get amount or they may not. Because of no cash. If it is urgent, they should search for other banks ATM. This will happen in government Sector banks, not in private sector.
In rural areas, people are not aware of technology in the banking sector. The government Should make arrangements for this. Even today some people may don't no how to borrow the money from the ATM.
Finally, the government Should provide more safety measures for internet banking and credit cards. Because so many hackers can hack the people accounts easily from anywhere in this world.
|Harsh said: (Jul 21, 2017)|
|Technology has a huge and positive impact on the banking sector as you in the past it would take hours to do a simple transaction but thanks to technology we can di the same transaction in minutes.
But everything has it pros, as well as cons like our bank details, are not safe until and unless we are dealing with a protected network and a huge population if India can't understand the complexity of e banking and all so they are on the verge of getting conned by hackers.
|Shivam said: (Jul 21, 2017)|
- 24*7 banking available to customers, a burden of queues reduced in banks.
- Single Window Banking facility available, better customer handling, more focus now on cross-selling of insurance, mutual funds and other schemes possible for banks.
- Better marketing and products can be easily sold online like insurance.
- Lower down the operating costs.
- Better customer feedback can be achieved, look to better customer interests.
- Transparency, Accountability, fewer leakages in welfare schemes, abolish money laundering activities.
- Instant money transfer, better precision, more centrally connected database like Core Banking Solutions.
- Unemployment issues caused by them.
- In the case, of server problem whole day-functioning of banks get disrupted.
- Instances of cyber thefts so security breaches is prevalent.
|Rav36553 said: (Jul 15, 2017)|
|As per my knowledge technology impacted banks in positive way. Technology used in banks was core banking solution (cbs) which enables triple A solution, means Any where, Any time, Any branch. Today all banks work on main servers these servers are again connected to Central server where all the back office activities such calculation of interest, updating of parameters, generation of reports, start of the day operation, end of the day operation etc. Are done. It is opportunity provided by IT for efficient 24*7 customer service. All the deliver channels like ATMs, debit/credit cards, upi, aadhar enabled payment system, chillar, Bhim, mobile/Internet banking are consequences of Technology makes people reducing time to going banks.
Financial inclusion is most important concept which India is focusing on from long ago, can achieved only when banks facilities reaches remote areas and Cashless economy is final thing these could possible only through technology.
|Uttara Deb said: (Jul 9, 2017)|
|Hello, myself Uttara. We are living in the age of the technology and banking sector is no exception. The inception of technologies in banking sector dates back to 1991 when Narshimharao report suggested including computers in this sectors. Since then we have witnessed Robust use of technologies such as computers which decrease the human labour and makes accurate calculations and stores vast data of bank customers. ATM's which dispense cash anytime anywhere 24*7. Then moving to online banking and internet banking which saves immense time in this fast moving world. We can now use RTGS, NEFT to transfer money seamlessly through smartphones. Mobile banking apps integrate the whole banking experience into 1 single window. E-wallets replace the traditional wallet system thus curtail the risk of theft. Through debit credit cards we can shop online 24*7 without visiting the brick and mortar stores. So technology has given banking sector a new arena and it is a dynamic process which keeps improving. Thank you.|
|Jayant said: (Jul 8, 2017)|
|For a corruption less India, the Indian economy has to be cashless. Because in my opinion, the root of corruption is cash. Corruption arises from cash only. For making India cashless the banking sector plays a very important role. The Indian government is also launching several online digital payment apps for making Indian economy cashless. So I think that banking sector should also require technology advancement in it. Because if banking process becomes easy then no one will prefer cash. By technology advancement in banking field corruption can stop up to some extent.|
|Himesch said: (Jul 7, 2017)|
|According to me, the banking sector is one of the major source used by most of the people. Technology must be grown in the banking sector. India is a developing country we need to improve our skills. Before we have to wait in a long queue for deposit or withdrawal. If we had a busy schedule also we need to spend our time on the bank. But nowadays technology has improved. The Machine has come in every bank which makes our job simple. It is very useful. But it also has many demerits. If internet or power is not there nothing will be done thank you.|
|Rahul Bassi said: (Jul 4, 2017)|
|Tech has greatly impacted the banking sector.
Nowadays we see that banking facilities are available through various apps yes pay, imobile. Has technology has greatly supported them. We can do anything just with one click away. Passbook entries with a machine earlier long queues. Everything on computer. No need to go physically. Just be online, Internet banking imps neft, rtgs.
|Ilayaraja said: (Jul 4, 2017)|
|Today, Technology is playing a vital role of every sector. Banking sector also depending on various technology activities such as withdraw and credit money into ATM instead without need to visit the branches. It is a time consuming if money need on every time, we get a money from technology. All people using the advancement no need education, blind people also using biometric ATM it will also helping the way of increasing financial inclusion to visually impaired person. Poor people including the digital via small phone *99#. It is an advantages for all people but only drawback is reducing the employment.|
|Kishor said: (Jun 30, 2017)|
|Technology brought banking sector reaches every place in the country, and it is also helpful to financial inclusion. Nowadays time is most important factor in human life, so the technology brings less time consuming for banking activities like we don't need to go bank for services, we can transact in our mobiles easily.|
|Mukul said: (Jun 26, 2017)|
|Technology is impacting the banking sector in a positive way. It has reduced the distance bw bank and its customer to a great extent and now people in rural areas are also using the banking products which are earlier can not be provided to them through any self help group (SHG) or any small branch.
Technology will help in achieving the goal of financial inclusion at faster pace and in a efficient manner. Technology reduced the cost of banking services and increase the competition in the banking sector through various digital platforms.
|Diksha said: (Jun 25, 2017)|
|Nowadays, banking sector is mulling to bring automation for better productivity and efficient delivery of services by the banks. Several banks like HDFC, UBI have come up with their humanoid robot, Era of HDFC and Lakshmi of UBI. Banking sector have come up with lots of payment platform like HDFC payzapp, Canara bank empower and Govt has recently launched BHIM app which is an aadhaar based upi payment app. Government is giving greater push to digital transaction after demonetization, it has set the target of 2500 crore cashless transaction by 2018. So these are the smaller leap towards a bigger goal.|
|Pooja Joshi said: (Jun 25, 2017)|
As we know that Technology plays a significant role in the banking sector. The Introduction of IT has been made us able to do ATM transactions, credit/debit cards, interbank cash transactions, MICR in cheques, NEFT, RTGS, etc. Even people in rural areas are also participating more and more and banks are encouraging them to take part in banking culture. Everything has been made so easy that you can send/accept/check your balance from home 24*7.
Every invention comes with its merits and demerits, it depends on us. We choose it as per our suitability or perfectness.
|Prateek said: (Jun 23, 2017)|
|Talking about the impact of technology on the banking sector then according to me, technology is impacting the banking sector after demonetization. I mean before demonetization it was also impacting but at the slower rate. After demonetization, there is a sudden increase of the technology in the banking sector and many people adopted the digital way of buying and selling goods. Few people have cash at the time of demonetization and that's why they adopt the digital way of purchasing or selling goods.
Nowadays many people are aware of online digital payments like net banking and credit cards payments. Online methods are safe and you don't need to worry about your security as well. You can pay the bills from anywhere and at any time. As the internet connectivity increase, more and more people will connect to the digital world and hence, more and more people will choose the online way to make payments.
But with growing usage, online fraud cases are also increasing in the same way. Banking sector needs to create awareness among their users and should also improve the online mode security to reduce online fraud cases.
|Vishal Laxmeshwar said: (Jun 22, 2017)|
|Technology adoption in the banking sector has both positive and negative impact.
Positive approaches, like it leads to the modern touch to the banking sectors, which is saving times by online transaction like mobile banking, online transaction etc.
But, at the same time, the unsecured technology may also leads to "ramson malware" where hackers may hack our account details and may lock our transactions.
|Anamika Das said: (Jun 21, 2017)|
So the topic is about how technology affecting Banking sector.
I would definitely say banking sector is affecting banking sector in a very positive way. Now with improved technology like IMPS, UPI cash getting transferred from one place to another in seconds without necessarily going to banks, standing in queues for hours to get their work done. Even those with simple mobile phones can get their work done through it by BHIM app. BHIM app again, created by NPCI to promote cashless transactions made it easier for people to carry on transactions online. Also unlike traditional banking, we can carry on online transactions 24*7. Under UPI various bank accounts of different branches are connected together which again makes it is easier for people in day to day banking. So in my view technology is improving Banking sector and in future, I believe it will definitely achieve the goal of PM Narendra Modi to go Cashless. Thank you.
|Kinnera said: (Jun 16, 2017)|
|Banking sector is one of the fastest growing sectors in India. Previously, banks used conventional methods to maintain ledgers and accounts. Also customers need to wait for a long time in queues to deposit and withdraw cash. But now technology has brought a major change in banking industry.
Due to digitalization, everything has made easy and people are making use of technology for cash transactions i.e. atms (automated teller machines) for cash withdrawals and cdms (cash deposit machines) for cash deposits. Not only this, private sector banks like kick banks are using robotic technology to improve customer service. After demonetisation, everything has made online and we can open and maintain bank accounts without going to a bank branch. Recently, kotak mahindra bank has launched 8-11 app that a person can open account by using this app simply entering their aadhaar and pan numbers.
China is the first country to install face recognition atm which enables the user to withdraw cash without entering any details like pin number etc. Our central government had launched upi (unified payments interface) and bhim (Bharat interface for money) apps to encourage people for digital transactions.
We can say that, technology has made a major impact on the banking sector.
|Shivani Jha said: (Jun 14, 2017)|
|Hi, Myself Shivani Jha.
A/c to me, technology really impact the banking sector because nowadays most of the work is done on home online no need to go to the bank and stand 3-4 hours in a crew.
|Bishwajit Das said: (Jun 10, 2017)|
|Yes, it is sure that technology has a great positive effect on the banking sector. Technology has made the banking system more convenient to both customers as well as to employees. From withdrawal to deposit everything can be done within a short time.|
|Rishabh Singhal said: (Jun 6, 2017)|
|Technology becomes the most efficient tool nowadays but the optimisation completely depends on how to use it. By the beginning of 20th century, the economic sector developed from SHG's to world bank nd highly renowned institutions like IMf.
In recent years technology shed its lustre on banking tremendously, the entire banking system got converted from paper registration to online transaction. Technology made it easy to manage a huge data from thick files to a tiny hard disk. A gamut of private companies like mobile wallet paytm came into existence that provides a lot of employment opportunities and connecting rural masses to these well-developed facilities. ATM's emerge as the need of the day, people need not wait to the opening the banks in emergency situations. But one can not neglect the shortcomings of technology, If it gets in evil hands, the consequences would be very harmful. As by hacking the bank's accounts, robbers can withdraw any sum of money. When the ATM's. Getting hang, they are of no use.
To sum up, technology affected and improved the entire banking system drastically nd keep on changing as far the security measures proved stringent. Thank you.
|Divya said: (May 27, 2017)|
As all my friends said, technology is impacting the banking sector in both ways-positive and negative.
As per my opinion, any new technology introduces, regarding any field, both has advantages and some drawbacks. So we have to deal with both of them.
And yes, banks and people both are using technology efficiently. And about the security system, that is also been developing as engineers are doing their level best in the best possible way they can.
|Roshan said: (May 25, 2017)|
Yes, technology is being a boon for the banking system, helps in saving time, quicker access to all important data related to our banking account. It's being more helpful for internet banking which is a revolutionary trend in the banking system. Looking at these points no doubt it's pleasant to hear the bond between technology and banking system, but we also need to look for the problems arising and most importantly discussing its solution up to an implementable level. The backbone of the bond between technology and banking is networking system and security system. We need to boost the network coverage and its speed for wider and quicker access to the facilities. At the same time we are facing problem related to the security system, nowadays hacking the server system and users account is another challenge for this system so as the bond is increasing between tech and banking we need to make it more secure and assured the customers for a safe and secure banking.
|Rajesh Singh said: (May 23, 2017)|
|It is a good topic - Because, nowadays we are using all our transaction via the internet and the mobile phones. So we can't able to waste our time by standing in a queue and we can make all our transaction, bills within 5 mins. So these technology helps to the human.
So, the technology has been one of the most important factors for the development of humanity, and this growth has been strongly supported by the development in the field of technology.
|Chatla.Saikumar said: (May 15, 2017)|
Nowadays, all most all banks use the net banking. So this system faces some cyber problems and usefully of people. But main reasons is decreased the cyber problems. This problem main impact on the banking sector.
|Jyoti Singh said: (May 6, 2017)|
Our today's gd topic is technology impacting the banking system. Yes, as we all know today most banking activities are conducted by using technology like atm credit card debit card note counting machine passbook printing machine etc. So there is a vast impact of technology on the banking sector. It reduces the workloads of employees and also provides better banking services.
|Akansha Nigam said: (Apr 30, 2017)|
I completely agree with the comments share by my friends. Truly, India has been Digitised because of technology. I also see that Indians became so smart and doing their normal work so easily like paying bill booking tickets and much more by using technology. No doubt in it as the Govt encouraged digitisation and banks started many schemes with the help of the customers. Technology always helps India to improve socially and economically.
But yes it also has cons so we have to be very careful while doing transaction as hackers are waiting.
|Lucky said: (Apr 27, 2017)|
|Good morning all.
Nowadays, technology is doing at its best in each field. Technology is making our day to day work easier. If we consider about banking sector then technology is doing a great job.
1. The human/manual counter is now converted into automated teller machine, which is operated by human beings itself. Where without the need of any banker a person can transfer funds, withdraw cash from the account, can check mini statement and many more facilities. With upgrading technology banks launched ATMs like biometric atm for illiterate people, talking atm for blind people, micro atm for the rural area.
2. Some banks started the facility to open accounts at home no need to move the branch.
3. Banks have developed their own sites and applications through which a person can transact online 24*7.
4. With the help of technology, we can transfer funds without the internet also. With the help of used technology by pressing *99# from the mobile phone.
5. Many banks have started by providing loans on online which will reduce the bribery those officers are taking this to pass the loan.
6. Several cards are produced by banks. Like a credit card, if we don't have cash also we can purchase goods. Several global cards are produced by banks which are widely accepted in foreign countries.
7. Recently developed UPI (unified payment interface) is another achievement of technology. Here a person doesn't need to provide its cards or account details to do the transaction. Here it only accepts a virtual address s nothing just like a person's mail id.
8. Earlier for clearing cheques, banks need to transfer that cheque physically where we have a fear of loss or damage. But now with the help of cheque truncation system no need to move that physically. Only the virtual image is enough.
9. No need to carry cash all the time. By using cards and apps we can pay cash in online shopping or from stores.
So the effort is highly appreciable. Also, banks are updating the technologies and security features on regular basis for the smooth and secure transaction.
|Pooja said: (Apr 24, 2017)|
Yes, of course technology plays in important and crucial role in banking sector. We seen that due to technology development we do not need to go bank for credit or debit and no need to stand in long question for several hours. This same we can do in our home just by using net banking apps within few minutes in our mobile or in system. But also their is some risk of hacker or some outside unathenticated parties who are very smart enough then our software engineer can swipe money from anyone account or whole money from bank within a fraction of seconds. So security should be very tight in any technology. Thanks.
|Neeraj said: (Apr 15, 2017)|
Thanks for your all comments.
As we talk about "Technology impacting the Banking sector" so it is true that banking sector is extremely fast now because of "IT" and it is not wrong to say that technology becomes backbone of banking. Technology plays a vital role not only inside the banks but also outside the banks like Credit and Debit, To transfer money, Being cashless at many places, To aware with bank statement, Receiving SMS on our mobile, Net Banking, Mobile Banking, ATM facility, Passbook Entry Machine, Note Counter Machine, Card Swiping Machine etc.
Having these all advantages customers as well as clients being stress-free and save their time. The features are very easy for all age to use having no headache of any queue.
But each coin has to face "+" & "-". As we can see that there are multiple machines before us which stop any-time to perform its work, online Frauds take place, Fack Currency and much more.
So in sum up, I would like to say that technology is a boon for banking sectors but there is also need to work on other side so that all people can feel full satisfaction with banking.
|Aparna said: (Apr 14, 2017)|
|Hi, friends! According to me, the impact of technology development we are having over the banking is very vast. Technologies which we are using like net banking, ATM etc. , are really heplful to everyone in our country. Senior citizens also find it very easy to withdraw or deposit their money. This technology development help us to save our time in this busy world!Saving time is the most advantageous thing from my point of view. These technologies are also user-friendly where even an uneducated persons can use it after learning it to use for few times.|
|Ravi Ranjan said: (Apr 10, 2017)|
As we all know we are living in a technical world yes it is very true that technology is impacting the banking sector but it's very beneficial to all, like if we want to transfer money we don't need to stand in a Queue just with a click of button money get transferred, not only this with this technology we pay our electric bill, recharge our mobile and many more, so overall its great for having technology in banking sector.
Technology even impact many online facilities nowadays like we buy clothes online from myntra or any goods we want from online shopping sites like flipkart, amazon, snapdeal, etc.
|Prasanta said: (Apr 7, 2017)|
Technology is most important part of developing the banking sector. We have not waited for debit or credit the money by making the queue or joining the line. We can easily transfer the money through net banking whenever we want. It is great pleasure of the latest technology and it is the greatest part of the banking sector.
|Sunita Patra said: (Mar 31, 2017)|
The world is going technical with new techniques and there is a major impact of technology in all sectors and our daily lifestyle. Well we all are very much aware of net banking or we can say that our life is depends on it only if we want to eat something just do online payment and order something, online dresses, online booking, online traveling extra extra everything is done by cashless and its all because of net banking so we can say that technology has a great impact on banking sector, there are many more examples if someone wants to transfer money from one account to other for this no need to go bank and stand on a line now you can do this just in a minute by sitting at home.
|Aditi said: (Mar 30, 2017)|
|Yes, I think it play a very vital role in today's era because suppose if there is no technology and if we want to go for a trip like a big trips of foreign countries and we are carrying cash with us then it is dangerous for us firstly we think where is the safest place to put it and we can't enjoy our journey as we want. But if we have technology power then we can easily transfer it to other people's account and it is safest for us in case we lost our cards then we are able to block it by which our money is again safe. It gives lots of facilities so through this example I want to say that technology not only plays important role in banking but also in our real life.|
|Nikita Kumawat said: (Mar 30, 2017)|
|Technology in banking sector has helped bank employees in working and had lower the overload for eg passbook entry machine, note counter machine, ATMs, net banking, mobile banking, card swiping machines, maintaining databases to store data of customers and bank details as well this reduced much much workload of employees and also easier for customer as now they don't have to stand in queue for a long time just to make an entry in pass or to withdraw cash from their accounts. So, technology is helping customers as well as employees. But as we know everything has advantages and disadvantages both in the same way these technologies too have disadvantages, as many times these machines stop working, sometimes there display and touch is not working sometimes there keys are damaged so it creates trouble for customers. If we talk about online transactions so many times intruders unethically thieve money during online transaction either by stealing ATM pins, net banking passwords and many more tricks so it is problematic for customers.|
|Deepak said: (Mar 26, 2017)|
|Hi everyone, my name is Deepak Kumar and today our GD topic is technology impact on banking sectors. So friends as we all know that technology doing a major role in our day to day life but if we talking about the banks their is really a crucial need of technology because in every bank we see that workload is more and that's why banks did not gave a proper service to the customer.
But after ATM, E-banking and other new technology take place we see the difference in the working performance of the banks and also customer satisfaction level increase. So I think technology play a major role in banks. Thanks.
|Rashmitha said: (Mar 21, 2017)|
Technology plays a major role not only in banking but also in every sector but then in banking technology has a great impact as it provides many benefits to us. Money transfers can be easily made. Time-saving to public. Frauds related to banking can be easily identified. Public Can go anywhere in the world by cashless. Transactions made in banking remains for the longer period of time which acts as a proof of public transactions and corruption can be reduced. By technological updates, public Can be education much better than past these helps in development of country. Money deposits can be easily made, no need of standing In banks for hours. The customer transaction records are maintained from time to time. It is easy to identify the differences between fake currency notes and actual currency notes. Hence I conclude that the technology in banking sector is boon to the country.
|Vimal said: (Mar 18, 2017)|
|Banking sector is greatly impacted by technological advancements which is a very good sign as for as transparency and efficiency is concerned. Today we have data for real-time transaction which is very helpful to combat corruption. We can use instant money transfer with technological advancements. Also, we maintain customer's balance sheet in better and clear way and access to data when needed has become very easy with technology. But at the same time, we need to be very cautious with this as there are several cases of data breach in banking sector which is very dangerous. Although we use online transactions which are very convenient but at the same time online frauds are also reported. So we need to deal with its other side as well.|
|Siddhartha said: (Mar 15, 2017)|
|Yes, I appreciate your views. But if you consider banking in rural areas in India where still there is no proper communication of transport or electricity in that case how you can consider of digital banking. In my opinion, digital banking or technology in the banking sector is essential only for urban areas. If the total banking sector needs to update with technologies then we should assemble under one umbrella i.e. educate every nation & build up proper infrastructure then implement this.|
|Shashank Soni said: (Mar 12, 2017)|
|Hello friends, as per my views technology is increasing day by day in every sector whether it may Banking, IT, Sports or other. So it helps for both costumers as well as Employ. So one should must know that after couples of years whole there world is totally depend on technology. Some of the major advantages of technology in field of banking sector are as follows.
1. Technology is non discriminatory so all the peoples will be treated same in banks no any condition of partiality occurs after digitization.
2. Reduces human errors.
3. Consuming time for any process regarding bank account reduces. Easy to maintain account as well as account opening.
4. Decreases corruption in terms for loans and any other facility.
5. Eliminate agents for illegal work done in bank.
6. Easy to handle situations of fraud as compare to early days.
7. No need of carrying huge amount as we can do cashless payments.
8. Transparency in transaction shows whole detail of every individual so no one hides his/her money with government.
9. Secure channel to receive benefits direct to bank account who are actually in need of it.
10. Fake currency notes issue will we solved to some extent.
11. Transaction becomes more comfortable because of technology.
12. Applications, sites and ATM will updates as per requirement will solve all the issues regularly.
13. No need of waiting in queue as deposit machines come in banking sector.
14. Peoples comes under BPL get benefits of all the schemes provided by government.
15. Recently IDFC Bank launched "Adaaharpay App". With the help of it, we can do transaction only with our Adhaar number and fingerprint.
16. Secure transaction from one place to another having not any stress of carrying money with us.
|Bhavanirajendran said: (Mar 8, 2017)|
|Hi friends, I am Bhavani Rajendran. The impact of technology in banking sector has paved a way even for an illiterate from remote rural areas to access net banking in order to credit his/her salary from their particular concern they are working for. The SMS service provided by the banks for an individual's account is really very helpful to update the day to day changes in their account access. This never require even high-end gadgets which cannot be accessed by a layman who is not aware of technologies. Access given to plastic cards helps the consumers in emergency circumstances.
On the negative side net banking and other payment apps increases hacking to some extent than expected even though there are various safety measures by the techie experts who can break these securities. But that lays road to some more advancements in the technologies that boost up the banking sector.
Thank you for listening patiently friends!
|Ayan Kumar said: (Mar 7, 2017)|
|Hi. Its Ayan.
We are now in 21st century and witnessing the technological revolution in almost every sector and banking sector is no exception of it. Digitization means the adoption of technology. Banks always try to update its quality of business to enhance customer experiences. Technology has made banking so easy be it online account opening or internet banking or some other business etc. With the help of technology, banks have reached to every customer's door and every customer can do each single banking activities online. Like before they don't have stand in long question in front of counters in banks. It saves time, increases productivity. With offering all the services online banks are contributing more in govt's digital India initiative.
The need for handling a large amount of cash has been reduced and thus human error also minimized. With Net Banking we can now pay a fraction of seconds while buying anything online. With increasing no of digital or cashless transactions fake currency threat has been reduced. So it is evident that technology has been proved to be a boon in banking sector and public is accepting digitization in banking.
How is Technology impacting the Banking sector?
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