How is Technology impacting the Banking sector?

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.

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.

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.

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.