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.
(140)

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.
(88)

Dibha said:   6 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.
(46)

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.
(59)

Yogendra sharma said:   6 years ago
Hello friends.

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.
(18)

Souvikkumarpal said:   6 years ago
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.
(29)

Kinnera said:   7 years ago
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.
(14)

Lokendra said:   6 years ago
Hello friends,

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.

Thank you.
(25)

Niza said:   7 years ago
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.

With several sites through which we do transaction are not safe. Hackers have become so active and a little mistake from our side can cost us a fortune. There were several incidents in which people did their transaction online and somehow hackers stole a large sum from their account. These are ill effects of online banking.

More security is what we need right now so that people can transact online without any fear. Government needs to have strict policies on hacking and department related to this should keep an eye on hackers.
(26)

Rishabh singhal said:   7 years ago
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.
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