How is Technology impacting the Banking sector?

Nowadays, e-robbing is more. When we do the online transfer, some people hack our information. When we swipe our cards, they place a skimmer in the machine and they hack that also.

Hello everyone, very good morning you to all.

This is Ajay Kumar, today my topic is the impact of technology in the banking sector.

In my point of view, It has a great impact on the banking sector.

By the development of the banking sector, it helps to prevent from standing in the queue in a bank for transfer /withdraw/sending of money but through technology, we can do it within a minute in the home.

By this, it takes less time to do work.

The efficiency of working in banks also increases.

Like every coin has two faces it has also a negative impact on the advancement of technology lots of people are doing illegal activities like hacking, cheating, etc by this they are able to withdraw money by the hacking method. That's we also have to improve the security of banking as well with the advancement of technology.

Thank you for reading my opinion.

Hi guys,

I am Akash and technology is make up a huge impact on banking sector. Unlike early days we don't have to wait up in line to make the smallest transaction, now we can do this kind of transaction with remotely in a second.

Banking is using CRM for making better relationship. With customer. Banking is on Mobile App so we easily track our money and follow up expenditure that had been in past. In past taking a loan from is huge deal but it can be done online where every documentation work will be from home no need to wait for months and that's how is technology mending 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.

Hello everyone.

So the topic is about how technology affecting Banking sector.

I would definitely say banking sector is affecting banking sector in a very positive way. Now with improved technology like IMPS, UPI cash getting transferred from one place to another in seconds without necessarily going to banks, standing in queues for hours to get their work done. Even those with simple mobile phones can get their work done through it by BHIM app. BHIM app again, created by NPCI to promote cashless transactions made it easier for people to carry on transactions online. Also unlike traditional banking, we can carry on online transactions 24*7. Under UPI various bank accounts of different branches are connected together which again makes it is easier for people in day to day banking. So in my view technology is improving Banking sector and in future, I believe it will definitely achieve the goal of PM Narendra Modi to go Cashless. Thank you.

As per my knowledge technology impacted banks in positive way. Technology used in banks was core banking solution (cbs) which enables triple A solution, means Any where, Any time, Any branch. Today all banks work on main servers these servers are again connected to Central server where all the back office activities such calculation of interest, updating of parameters, generation of reports, start of the day operation, end of the day operation etc. Are done. It is opportunity provided by IT for efficient 24*7 customer service. All the deliver channels like ATMs, debit/credit cards, upi, aadhar enabled payment system, chillar, Bhim, mobile/Internet banking are consequences of Technology makes people reducing time to going banks.

Financial inclusion is most important concept which India is focusing on from long ago, can achieved only when banks facilities reaches remote areas and Cashless economy is final thing these could possible only through technology.

All the technology developed in the banking sector is very useful and less time consuming and there is no need to worry about any kind of fraud or theft because if the cyber crime is there then the investigation is also there. We only need to spread the technology and its uses by designing the demonstration in a simple way such that people from every corner of the country would be confident for the cashless transaction and this will lead to the next step of development.

THANK YOU.

Yeah, technology plays a huge role because if make things more effective and efficient but in other hands, it can be put our life I danger we as people we reliably on it. Specialy in the banking sector is like is our life. Technology is cool but we have people who tracking our account because of this tec that get an update every second.

Hello everyone.

Myself Tushar Yadav.

It's my opinion.

Technology is a very vast thing to help in the banking sector basically in managing transactions of accounting holders. There is a good impact for advance technology on our banking sector and our society. We will not go there to ATMs or net banking because of the technology.

Thanks.

In banking sectors, before they were used to use long notebook with red and black pens writing so much of information and updating things about information wasn't an easy task. Due to technologies databases are used to store lots of information in backend. It's easy to access information it saves time. It minimises the work. It minimises the customer waiting time. It increases security. Even ATM's are used incase of person needs money immediately he need not has to travel to banks which may b far. He can get it in the nearby atm machines.