How is Technology impacting the Banking sector?

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133 comments Page 1 of 14.

Jitender said:   6 years ago
Hey everyone.

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.

Lucky said:   7 years ago
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.

Thank you.

Appurajan said:   6 years ago
Hello friends,

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.

Thank you.

Bavita kumari said:   6 years ago
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.

Shashank Soni said:   7 years ago
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.

Dhananjay sarangi said:   6 years ago
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.

Thank you.

Shivam said:   7 years ago

- 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.

Shan said:   7 years ago
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.

Dibha said:   7 years ago
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.

Utkarsh singh said:   4 years ago
Friends, by my point of view, technology has made our banking very easy and time-saving. By the help of digital banking, we can withdraw or transfer money in seconds. Digital banking has decreased cash thefts. Day by day, the security of digital banking is made more efficient. Technology has played a vital role in the banking sector. Through technology one can check records of his transactions, one need not to queue in banks in an emergency which was time taking process. So by my side, technology has been a boon to the banking sector.


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