How is Technology impacting the Banking sector?

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133 comments Page 2 of 14.

AYAN KUMAR said:   7 years ago
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.

Prateek said:   7 years ago
Talking about the impact of technology on the banking sector then according to me, technology is impacting the banking sector after demonetization. I mean before demonetization it was also impacting but at the slower rate. After demonetization, there is a sudden increase of the technology in the banking sector and many people adopted the digital way of buying and selling goods. Few people have cash at the time of demonetization and that's why they adopt the digital way of purchasing or selling goods.

Nowadays many people are aware of online digital payments like net banking and credit cards payments. Online methods are safe and you don't need to worry about your security as well. You can pay the bills from anywhere and at any time. As the internet connectivity increase, more and more people will connect to the digital world and hence, more and more people will choose the online way to make payments.

But with growing usage, online fraud cases are also increasing in the same way. Banking sector needs to create awareness among their users and should also improve the online mode security to reduce online fraud cases.

Neeraj said:   7 years ago
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.

Jagan P said:   6 years ago
Technology towards the banking sector makes our country as digitized but we are democratic country whenever we use the money we came to know the people are there in the money for example 10Rs note has Mahatma Gandhiji Photo whenever we see that we feel Gandhi is our nation father.

And people who are in the rural area are not able to use this system because Indian is known for different kinds of culture we always need money in our hand.

In banks people who stand in the queue, they know how the bank works as well as it also reduces our fats in our body for standing a long time and their legs get stronger than stronger not only in banking in any place.

Technology in Banking is a good development we can do all transaction in min or sec.

Even it people who fail to pay tax to the Govt will be paying the tax through this method this is also a path for demonetization.

In my point of view technology in banking will help in time consumption but we should completely get into the Technology India is a hard-working people country so we need money, not a Debit or Credit card or net banking.

Ravali said:   7 years ago
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.

Bavita kumari said:   6 years ago
Hello, I am Bavita.

In my point of view, Technology plays a major role in the banking sector. Technology in banking sector helps to
- create transparency in the transaction
- make transaction fast and smooth and secure.
- reduce paper requirements
- make us smarter.

Due to the technology, we can make a transaction within a second any time any days. We can pay an electricity bill, and many other facilities. There are many app like payatm, bhim which is very secure app. This is secure because before every transaction they ask for secret password and OTP. There is transparency means we can get every detail of transaction by this technology, when and who and from where the transaction is made we can get every detail within a second. And RBI keeps every detail of bank also. So technology makes the banking sector more transparent. Due to technology, paper requirements will be decreased, hence environment will be more healthy.this will also decrease the no of black holders and black money and corruption so technology has a good impact on the banking sector.

Appurajan said:   6 years ago
Hello friends,

Technology made a tremendous change in banking sector for both customers and banking staffs. Before 10 years everything was manually maintained but now its completely computerized. The technology made customers not to visit banks by providing facilities such as internet banking, UPI based applications, NEFT, RTGS, USSD Codes etc. ,

On the other side for bankers (Core Banking Solutions) CBS was created which made employees to maintain the complete structure of customer database under single centralized repository. Before, to clear one cheque it almost took 7-14 business days but now cheque truncation system (CTS) does that job within fraction of time. It saves time. The technology provides efficient service but still there are problems particularly technology based such as hacking banking servers, hacking customers accounts. Hence banking have to be upgraded to new technology named "block chain technology" which will be more secured and transparency. We have more pros than cons for technological impact in banking sector.

Thank you.

Nikita kumawat said:   7 years ago
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.

Uttara deb said:   7 years ago
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.

Saikiran said:   6 years ago
Hi this is Saikiran.

I would like to thanks for you giving to me this opportunity now days banking sector is impacting on our life why because it is very helpful us and useful ex we have send to money for your family but there is no banks available near your place then you got an idea you sent money through your online banking like paytm, phone, tez, icici mobile banking. Its helpful for modern people, educated people like job holders but not for rural area people because they can not understand this much technology many people I saw even they do not know how to draw the cash from atms they faced many problems when they proceed to transaction, presence of absence mind they do not know follow the rule and regulation or precaution during transaction people must have to aware of it and most of the technology based on software and internet they are not secure because presence of attackers in the world in future those kind of technology may be hacked so government have to aware of it thanks for every one.

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