How is Technology impacting the Banking sector?

Hi Guys,

Thanks for your all comments.

As we talk about "Technology impacting the Banking sector" so it is true that banking sector is extremely fast now because of "IT" and it is not wrong to say that technology becomes backbone of banking. Technology plays a vital role not only inside the banks but also outside the banks like Credit and Debit, To transfer money, Being cashless at many places, To aware with bank statement, Receiving SMS on our mobile, Net Banking, Mobile Banking, ATM facility, Passbook Entry Machine, Note Counter Machine, Card Swiping Machine etc.

Having these all advantages customers as well as clients being stress-free and save their time. The features are very easy for all age to use having no headache of any queue.

But each coin has to face "+" & "-". As we can see that there are multiple machines before us which stop any-time to perform its work, online Frauds take place, Fack Currency and much more.

So in sum up, I would like to say that technology is a boon for banking sectors but there is also need to work on other side so that all people can feel full satisfaction with banking.

Hi, friends! According to me, the impact of technology development we are having over the banking is very vast. Technologies which we are using like net banking, ATM etc. , are really heplful to everyone in our country. Senior citizens also find it very easy to withdraw or deposit their money. This technology development help us to save our time in this busy world!Saving time is the most advantageous thing from my point of view. These technologies are also user-friendly where even an uneducated persons can use it after learning it to use for few times.

Hello, friends.

As we all know we are living in a technical world yes it is very true that technology is impacting the banking sector but it's very beneficial to all, like if we want to transfer money we don't need to stand in a Queue just with a click of button money get transferred, not only this with this technology we pay our electric bill, recharge our mobile and many more, so overall its great for having technology in banking sector.

Technology even impact many online facilities nowadays like we buy clothes online from myntra or any goods we want from online shopping sites like flipkart, amazon, snapdeal, etc.

Hi everyone,

Technology is most important part of developing the banking sector. We have not waited for debit or credit the money by making the queue or joining the line. We can easily transfer the money through net banking whenever we want. It is great pleasure of the latest technology and it is the greatest part of the banking sector.

Thanks.

Hello everyone.

The world is going technical with new techniques and there is a major impact of technology in all sectors and our daily lifestyle. Well we all are very much aware of net banking or we can say that our life is depends on it only if we want to eat something just do online payment and order something, online dresses, online booking, online traveling extra extra everything is done by cashless and its all because of net banking so we can say that technology has a great impact on banking sector, there are many more examples if someone wants to transfer money from one account to other for this no need to go bank and stand on a line now you can do this just in a minute by sitting at home.

Yes, I think it play a very vital role in today's era because suppose if there is no technology and if we want to go for a trip like a big trips of foreign countries and we are carrying cash with us then it is dangerous for us firstly we think where is the safest place to put it and we can't enjoy our journey as we want. But if we have technology power then we can easily transfer it to other people's account and it is safest for us in case we lost our cards then we are able to block it by which our money is again safe. It gives lots of facilities so through this example I want to say that technology not only plays important role in banking but also in our real life.

Technology in banking sector has helped bank employees in working and had lower the overload for eg passbook entry machine, note counter machine, ATMs, net banking, mobile banking, card swiping machines, maintaining databases to store data of customers and bank details as well this reduced much much workload of employees and also easier for customer as now they don't have to stand in queue for a long time just to make an entry in pass or to withdraw cash from their accounts. So, technology is helping customers as well as employees. But as we know everything has advantages and disadvantages both in the same way these technologies too have disadvantages, as many times these machines stop working, sometimes there display and touch is not working sometimes there keys are damaged so it creates trouble for customers. If we talk about online transactions so many times intruders unethically thieve money during online transaction either by stealing ATM pins, net banking passwords and many more tricks so it is problematic for customers.

Hi everyone, my name is Deepak Kumar and today our GD topic is technology impact on banking sectors. So friends as we all know that technology doing a major role in our day to day life but if we talking about the banks their is really a crucial need of technology because in every bank we see that workload is more and that's why banks did not gave a proper service to the customer.

But after ATM, E-banking and other new technology take place we see the difference in the working performance of the banks and also customer satisfaction level increase. So I think technology play a major role in banks. Thanks.

Hello everyone,

Technology plays a major role not only in banking but also in every sector but then in banking technology has a great impact as it provides many benefits to us. Money transfers can be easily made. Time-saving to public. Frauds related to banking can be easily identified. Public Can go anywhere in the world by cashless. Transactions made in banking remains for the longer period of time which acts as a proof of public transactions and corruption can be reduced. By technological updates, public Can be education much better than past these helps in development of country. Money deposits can be easily made, no need of standing In banks for hours. The customer transaction records are maintained from time to time. It is easy to identify the differences between fake currency notes and actual currency notes. Hence I conclude that the technology in banking sector is boon to the country.

Banking sector is greatly impacted by technological advancements which is a very good sign as for as transparency and efficiency is concerned. Today we have data for real-time transaction which is very helpful to combat corruption. We can use instant money transfer with technological advancements. Also, we maintain customer's balance sheet in better and clear way and access to data when needed has become very easy with technology. But at the same time, we need to be very cautious with this as there are several cases of data breach in banking sector which is very dangerous. Although we use online transactions which are very convenient but at the same time online frauds are also reported. So we need to deal with its other side as well.