How is Technology impacting the Banking sector?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.