How is Technology impacting the Banking sector?

Day by day with the help of technology, the banking sector is improving. Now in urban areas, many people have started cashless transactions who were frightened before because of security reasons but now I think cashless transactions are more secure than cash transactions. Nowadays there are some smartphone apps also which are very useful for transactions, by UPI system it's very easy to send money with only one password.

There are some other benefits also like you don't need to stand in a queue in banks, no need to fill paper forms, no time limits (online banking is open 24*7).

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.

Hello everyone,

My name is Roshan Rai.

In my opinion, technology has eased our banking life to a great extent. Now we don't have to queue in the bank for the withdrawal of the transfer of money because we can do this at any time anywhere. Now in emergency cases, we don't have to bother about money because we have net banking and ATMs at footsteps. But all these technologies are good for us until we have a strong security system and we are doing this also.

As you can see the current or trending technologies align all the day-to-day challenges to work smart, quick, and secure.

If we approach the banking field like how technology contributes to working fast within time like transactions faster, security, and transportation scenarios like visiting the bank or visiting a particular branch of the bank all these scenarios.

But the thing about technologies like cyber security, blockchain, and data analytics all those fields align the management of the bank in a structured manner so all issues regarding the bank are solved.

Eg: online payment issues, spam detectors, fraud alerts, etc.

Those all issues can be prevented and make good transactions.

In olden days there is no mobiles so we are going to banks stand on big lines to get their money or deposit but nowadays the problems can easily solve. Because day to day, technology improves. Each and everyone having mobiles in our mobiles they can easily transaction our money, paying electricity bills each and every one there should be done in our mobiles. That's why there is no standing in front of banks. It's can be done in easily your homes. So our time will not be the wasted within 5min it's to be our work will be completed.

Yes, of-course Technology is very much needed to handle the increasing number of transactions with utmost accuracy. It is reducing the work burden of handling ledgers when compared to olden days. Sometimes you will appreciate the old system of taking money across the counter where hackers overtake the loopholes in technology. Now, we have to think about how best we can design our hardware to protect the hacking from all sorts of banking.

According to my point of view, technology are impacting on banking sector because new technology like Paytm and Schach card are effecting of banking according to sector technology helps to do fast translation of money in this way India is also developing technology is always be the asset for all sector these is all about this topic.

Banking is nothing but a business. So I would like to put lights on how technology affecting the business.

Fasten the process.

Nowadays we can easily send our information regarding business through emails, WhatsApp.

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Technology reduces manpower, increase the efficiency, more production.

Through technology, we can reduce a lot of time, because of its unique property why that is identity.

At last, you would like to conclude that with the advancement of technology Banking is achieving great height both in terms of consumer and its own profit.

Thanking you all for your kind attention!

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.

For a corruption less India, the Indian economy has to be cashless. Because in my opinion, the root of corruption is cash. Corruption arises from cash only. For making India cashless the banking sector plays a very important role. The Indian government is also launching several online digital payment apps for making Indian economy cashless. So I think that banking sector should also require technology advancement in it. Because if banking process becomes easy then no one will prefer cash. By technology advancement in banking field corruption can stop up to some extent.