How is Technology impacting the Banking sector?

Yeah, net banking is helping a people lot. In my opinion people not have enough time to go to the bank and.

Atm center for withdrawing the cash for there work related, and family related issues. So my point of you net banking helpful for peoples save their time. A very important thing is they also aware about digitization and Economy of our society.

Hi. Its Ayan.

We are now in 21st century and witnessing the technological revolution in almost every sector and banking sector is no exception of it. Digitization means the adoption of technology. Banks always try to update its quality of business to enhance customer experiences. Technology has made banking so easy be it online account opening or internet banking or some other business etc. With the help of technology, banks have reached to every customer's door and every customer can do each single banking activities online. Like before they don't have stand in long question in front of counters in banks. It saves time, increases productivity. With offering all the services online banks are contributing more in govt's digital India initiative.

The need for handling a large amount of cash has been reduced and thus human error also minimized. With Net Banking we can now pay a fraction of seconds while buying anything online. With increasing no of digital or cashless transactions fake currency threat has been reduced. So it is evident that technology has been proved to be a boon in banking sector and public is accepting digitization in banking.

Thank you.

Hi friends, I am Bhavani Rajendran. The impact of technology in banking sector has paved a way even for an illiterate from remote rural areas to access net banking in order to credit his/her salary from their particular concern they are working for. The SMS service provided by the banks for an individual's account is really very helpful to update the day to day changes in their account access. This never require even high-end gadgets which cannot be accessed by a layman who is not aware of technologies. Access given to plastic cards helps the consumers in emergency circumstances.

On the negative side net banking and other payment apps increases hacking to some extent than expected even though there are various safety measures by the techie experts who can break these securities. But that lays road to some more advancements in the technologies that boost up the banking sector.

Thank you for listening patiently friends!

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.

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,

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.

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.

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.

Technology adoption in the banking sector has both positive and negative impact.

Positive approaches, like it leads to the modern touch to the banking sectors, which is saving times by online transaction like mobile banking, online transaction etc.

But, at the same time, the unsecured technology may also leads to "ramson malware" where hackers may hack our account details and may lock our transactions.

In my view, first of all, change their system for those people are they live in rural areas for their small transaction in their mobile phones (not smartphones).

Because many of the peoples do not have a smartphone. And put it on some of the small machinations for small works.