How is Technology impacting the Banking sector?

In My point of view nowadays the banking sector is highly automized. In order to save time and to send money through smartphone and we are check bank balance on a single smartphone and take money using via mobile. But sometimes theft bank details are collected and they are robbery amount on the bank account.

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.

With several sites through which we do transaction are not safe. Hackers have become so active and a little mistake from our side can cost us a fortune. There were several incidents in which people did their transaction online and somehow hackers stole a large sum from their account. These are ill effects of online banking.

More security is what we need right now so that people can transact online without any fear. Government needs to have strict policies on hacking and department related to this should keep an eye on hackers.

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.

Hello everyone,

As every coin has two sides likewise technology also has its two sides on banking sector the positive side and the negative side. So first I will speak about the positive impact than a negative one. Ever since modernization and digitalization of banking sector, it has impacted in a positive way from core banking solution to ATM's cash dispensing machine. Technology has made life hassle free. It has increased the efficiency of the bank, reduced bank operational cost, made bank to reach more people, providing 24*7 banking facilities in single window system and much more. Technology is a need of the hour and indispensable. But there is also the negative impact of this like if a server problem occurs then the whole bank stop functioning, rising cyber crime is another problem that it faces. So I think technology has impacted banking sector more in a positive way rather than in a negative way.

Thank you.

In my opinion, Technology has taken dignified position in banking sector in doing all the transactions at a single window. Over the last few years, more than 10 Cr users have connected with banking services and it all happened due to new technological advancement that is being adopted by each bank towards a quick upsurge.

Since Net banking and Mobile banking options are introduced for users, the process of transferring money has become easy.

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, I'm Ragav.

My opinion is that technology advancement in the banking sector had improved greater customer satisfaction but instead it decreased the intake of younger generations in the banking industry as it involves only automation and doesn't need any manpower or mind. It reduced the queues, removed paper challans and nowadays every banking activity or process can be accessed through online 24/7 without any official manual approval. We cannot stop the technology that is striking towards the banking sectors instead we can improve the security.

Nowadays technology is a very important role in the Banking sector, because of technology our life very easy and also time-saving, with the help of internet we can send money any bank account from anywhere and anytime within few second, we can get any information about banking sectors like check amount and previous details due to technology, we don't need to go for bank and save time we can do any work at home, we will not have go any ATM we can easily transfer money and recharge from anywhere and anytime, some bank started the facility to open a bank account at home no need to move the branch. If by chance any transaction failed the refund will become within 5 days so don't need to worry about it.

Technology is Backbone of Banking Sector. Customer can think of not visiting Bank but can not live without banking. Technology made banking so easy be it Online Account opening, ATM, Internet Banking, Interactive Call Center etc. With the help of technology in the Banking, Bank has reached the door of customer and Customer can do everything online nowadays. With the encouragement from Government towards digitization, Bank contributes more in the front of digitization by offering all services online.

On conclusion Technology improves efficiency in the operation, helps in mitigating risk, improving internal control that helps bank to provide better customer services.

Now concept has come to be completely become digital bank and here with the help of technology, it is possible.

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.