How is Technology impacting the Banking sector?

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.

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.

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.

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.

Hi.

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.

Hello everyone.

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.

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.

Hai everyone.

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.

Hello, everyone.

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.

Hello,

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.

Thanks.