How is Technology impacting the Banking sector?

Hello friends,

In my opinion, technology has impacted the banking industry. As we know that we can do any types of transaction online which is very secure also. We do not have to wait for any types of transaction It has made our life better compared to earlier time. A time is very useful and the bank has understood this already. Digital or online banking maintenance charges is less so it is beneficial for the bank also. Now er have many secure apps also which help for the secure transaction like Paytm, Bhim, tez etc.

To conclude I would like to say that these types of online banking is the best option for the customer as well as the bank.

RBI plus government also like to promote it as it is good for the environment as it is paperless.

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.

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 everyone.

According to my point of view, in this modern era, technology is playing a very important role to enhance the banking sector.

There are many advantages of technology in banking sector :.

(1) Rapid transaction- With the help of internet today, we are able to do transaction very rapidly from any place. That's why today we do not see crowd in the banks like earlier.

(2) Reduction of cash Robbery- With the help of internet banking we can avoid ourselves from cash robbery.

(3) Easier consumer budgeting- With the help of technology we can get our previous transition details' record very easily.

Thank you.

If technology was not impacting with banking sector then we can not use atm, online transaction facilities. In earlier days, records of customers are organized manually. The manual organization makes the process very difficult to implement. But in recent days we use Database Management System (DBMS) to organize files, storing data. We can also modify data as well as customer records. The process is very easy and it improves the quality. Now, it's very easy to making a transaction, updating money, issuing demand drafts, online payment NEFT etc. We can do online shopping by paying money from our bank account at home. That is why technology is required in the banking sector. Not only DBMS but also using so many technologies to make it simpler.

Now a days technology in banking sector has gone to next level. In fact technology is a boon to banking sector and for people as well. Technology made many banking works very easy and using technology in banking works is very accurate too.

1. NEFT system has made many changes now a days. By this there has been easy access to the banks anytime and anywhere.

2. RTGS reduced the risk of transaction of huge amounts at a time and it conserves ones time as it is a immediate process.

3. CTS i.e. Cheque Truncation system has been playing a major role now a days. There is no need of carrying cheque to the bank, image of cheque can be sent and it is verified electronically. So this helps a person in many ways.

4. And this net banking not only helps to transfer money but also provides many facilities like recharge, booking etc.

And there will be always a alert message for every transaction and makes people to know every action of their accounts. And at anytime we can check our balance.

By the above all points we can say that the impact of technology in Banking sector is so great.

Hello guys!

The modern technology really imposed a great change in banking sector, ofcourse in other sectors too.

From last 8, 10 years the banking sector improved alot due to implementation of technology. Before that we used to go to banks for every transaction even for balance enquiry and we are supposed to be in que for long time. Now all those things have gone. We are using laptops, mobiles for every transaction through atms, online internate banking. We are getting every update in our mobiles through mails, messages regarding our account maintenance. By this we can save alot of time and no need to postpone our works for banking purpose. The government and youth should take part in motivating people towards modern technology in banking sector. My best suggestion for government is to establish a bank and atm centre in every village.

THANK YOU.

There are several technologies has come in our country which is used for human beings. It impacts on different sectors, especially in the bank. Lots of gadgets like ATM card, Credit card, Greed card are used in the banking sector for making the working process frequently and bring digitalization. There are various types of apps like the net banking system, phone pe, Paytm by which we can make an easy transaction by clicking just one button. So we need not to carry a passbook or other paper to the bank. Nowadays Coupon system has launched. This is the process that you have been given a coupon with a number and sit with relaxing on a bench. When your turn comes, you can proceed to the counter and complete your session. So for this system, we don't need to make any queue in front of the counter.

But there are some disadvantages in case of this technology.

First is, obviously, illiteracy, Most of the people live in rural areas can't understand this system related to technology. For that, they face a problem when they proceed to the transaction.

2nd one is, the presence of absence mind. Most of the people do not follow the rule and regulation or precaution during the transaction. So people have to aware of it.

3rd is, Most the technology is mainly based on software or internet as they are not secure because of the presence of attacker in the world. In future, those kind of technology may be hacked. So Government have to aware of it.

Hello, myself Uttara. We are living in the age of the technology and banking sector is no exception. The inception of technologies in banking sector dates back to 1991 when Narshimharao report suggested including computers in this sectors. Since then we have witnessed Robust use of technologies such as computers which decrease the human labour and makes accurate calculations and stores vast data of bank customers. ATM's which dispense cash anytime anywhere 24*7. Then moving to online banking and internet banking which saves immense time in this fast moving world. We can now use RTGS, NEFT to transfer money seamlessly through smartphones. Mobile banking apps integrate the whole banking experience into 1 single window. E-wallets replace the traditional wallet system thus curtail the risk of theft. Through debit credit cards we can shop online 24*7 without visiting the brick and mortar stores. So technology has given banking sector a new arena and it is a dynamic process which keeps improving. Thank you.

I am in favour of this topic.

Because, nowadays we are using all our transaction via the internet and the mobile phones. So we can't able to waste our time by standing in a queue and we can make all our transaction, bills within 5 mins. So these technology helps to the human.

So, the technology has been one of the most important factors for the development of humanity, and this growth has been strongly supported by the development in the field of technology that changing our lifestyles.