How is Technology impacting the Banking sector?

Hello,

Yes, it is very helpful to our day to day life. But at a certain extent, there are a lot of people who do not have knowledge about this technology. In our country, the most population of people in the rural area where the number of Illiterate people is more than that of Urban. So it is necessary to literate those people about this latest technology. And help our country to increase the economy.

Hello everyone.

Yes, definitely technology is a boon for the banking sector. Earlier people used to stand longer in queues for passbook print, now in some banks, it is seen that passbook print machine is available which isolates people who only came for that purpose and saves their time.

Previously no ATMs were there. The introduction of ATMs helped people become aware of their transactions, savings etc.

The banks use SQL which helps them maintain multiple records that can be retraced anytime by them with respective account numbers.

Technology has really transformed the banking sector. CBS is the one development which makes it possible for a bank to fetch details of a customer having a/c in the same bank but in another branch. A person can do banking anywhere, anytime. Online banking has really paved the way for the customers. Transfer of funds can be done anywhere, anytime, details of a/c can be fetched anytime, payment can be made anytime without standing in the long queues thus saving the time.

CTS helped in the fast clearing of cheques. Gone is the time when banking was totally carried out on paper. There was a risk of losing the documents or a customer's detail etc but now everything has gone digital. Information can be retrieved in no time.

With the advancement in technology comes to the risk of cyber security for which India needs to have a robust security system so that there is no risk of data theft and customer's belief is reposed on banks.

According to my views, the technology beneficial for banking because it does our work easy. We can send money, transfer money, read all condition for open an account.

But sometimes it is harmful to us because some people do its misuse and steal money, hack a computer, disturb bank people.

So, the technology can good for our if we use it in the right way and harmful for our if we use in a bad way.

Thank you.

Hi, This is Dhananjay. Today we are discussing a topic about the impact of technology on the banking sector.

Technology has a huge impact on the banking sector.

1. We were having to stay in the queue for deposit/withdrawal/transfer the money in the bank but through tech. Now we can do it in a sec sitting at home.

2. We have smart phones, through which we can avail all banking facility easily through internet.

3. Technology also shortens the lengthy system in a bank, we all need is system generated number which carriers our all bank details.

No doubt, it has increased the efficiency of the banking sector in an innumerable way and the most important thing is it's less time-consuming.

Thank you.

My opinion is that technology is impact on banking sector we have of lots of example take a case netbanking is good because we don't need to go for bank and he save our time and we can do tranaction in few second and we have a smartphone we can do app through send money and checking money available in our account.

Hello everyone, I'm Ragav.

My opinion is that technology advancement in the banking sector had improved greater customer satisfaction but instead it decreased the intake of younger generations in the banking industry as it involves only automation and doesn't need any manpower or mind. It reduced the queues, removed paper challans and nowadays every banking activity or process can be accessed through online 24/7 without any official manual approval. We cannot stop the technology that is striking towards the banking sectors instead we can improve the security.

In My point of view nowadays the banking sector is highly automized. In order to save time and to send money through smartphone and we are check bank balance on a single smartphone and take money using via mobile. But sometimes theft bank details are collected and they are robbery amount on the bank account.

The banking sector is one of the growing sectors but our technology is a good part of this. Today is a money world want to save us our money using banking its very useful to technology also. Nowadays lots of technology using the banking sector. But it's not enough.

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.