How is Technology impacting the Banking sector?

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.

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.

Hi.

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.