How is Technology impacting the Banking sector?

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.

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.

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 friends,

Our Gd topic is how technology impact on the banking sector.

At present time I think there is no sector which is running without technology. And the bank is one of them.

Actually, technology is the boon of our banking system. As I am talking about technology so a few years ago when these technology doesn't exist.

All of the work is done on bundles of papers and files. Which is very hectic to handle and not efficient.

In today's scenario, there is important vitals of technology-.

1) public are free from various hectic process of banks like a standing in a rows and making transaction by slip.

2) when I'm talking about our old banking system so if you want to calculate our cities total amount and calculation so you have to summarise your to read all the notes and index in the papers but nowadays you can retrieve all the amounts all the details in just a second at your fingers.

3) and if I'm talking about the economic systems you can retrieve the what amount a person does contain that like of exposure of black money and handle the big amount of data of money.

At the end there is only thing is that you have a tool for yourself its totally up to you how can you use this.

Thank you.

Nowadays, e-robbing is more. When we do the online transfer, some people hack our information. When we swipe our cards, they place a skimmer in the machine and they hack that also.

Technology is helping banking sector a lot. For example take the case of net banking. Without going to bank we can track the total amount present in our account. We can do transaction at home within few seconds. Gone are the days when we used to withdraw our money from bank and then use it for any purpose.

Suppose we are seeing something online and we wish to buy it we just need to type our atm card number and thus the purchase is completed. Thus with banking sector updating its technology it's all beneficial to the common people. But as we know there are always two sides of a coin. With many good advantages, there are disadvantages also.

Hello friends.

In my opinion, technology make an tremendous change in our banking sector. To visualize this change we need to think about Indian banking sector 10 to 15 years ago and compare it with today's situation. The first thing that comes to our mind is queue in front of most of the banks for some transaction, staff was also very frustrated during that time to see such a large queue, but after demonetization (8 Nov. 2016) Indian banking industry totally transformed, UPI (unified payment interface) was also launched that plays a very important role in transformation of our banking sector, today we can done every transaction very smoothly by knowing just one UPI pin. We have lot of apps available in market for the same like BHIM, PAYTM, MOBIKWIK, TEZ etc. It made people's life very easy and now bank employees don't need to waste their precious time in handling rush of people, now they are working very smoothly on their laptops.

Something are also their that needed means once I was travelling and I did not have my debit or credit card but having my mobile phone and I did't have cash at that time so I was in a big trouble so at that point of time what I thought was there should be an system which will connect our phone by ATM machines so we can use cash at any point of time even if we don't have our card and it will help us in very difficult situation.

This can be achieved by iot (internet of things) and presently I am working on it. This will be game changer in Indian banking industry.

Yes, of course, Banking sectors are flourishing in this era, everybody needs cash and to keep that cash you need a secured place that is Bank. Evolution and revolution both are gradual in nature, emerging technologies revolutionising the banking sector at spur. This is also creating ample amount of jobs and banking sector always captures limelight because of the changing trends like cashless, cashback, Zero maintenance charges, asap accounts and other offers. So undoubtedly technology is imposing a strong positive effect on the baking sector.

Thank you.

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.

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.