How is Technology impacting the Banking sector?

Hello everyone.

Yes, technology is being a boon for the banking system, helps in saving time, quicker access to all important data related to our banking account. It's being more helpful for internet banking which is a revolutionary trend in the banking system. Looking at these points no doubt it's pleasant to hear the bond between technology and banking system, but we also need to look for the problems arising and most importantly discussing its solution up to an implementable level. The backbone of the bond between technology and banking is networking system and security system. We need to boost the network coverage and its speed for wider and quicker access to the facilities. At the same time we are facing problem related to the security system, nowadays hacking the server system and users account is another challenge for this system so as the bond is increasing between tech and banking we need to make it more secure and assured the customers for a safe and secure banking.

As per my knowledge technology impacted banks in positive way. Technology used in banks was core banking solution (cbs) which enables triple A solution, means Any where, Any time, Any branch. Today all banks work on main servers these servers are again connected to Central server where all the back office activities such calculation of interest, updating of parameters, generation of reports, start of the day operation, end of the day operation etc. Are done. It is opportunity provided by IT for efficient 24*7 customer service. All the deliver channels like ATMs, debit/credit cards, upi, aadhar enabled payment system, chillar, Bhim, mobile/Internet banking are consequences of Technology makes people reducing time to going banks.

Financial inclusion is most important concept which India is focusing on from long ago, can achieved only when banks facilities reaches remote areas and Cashless economy is final thing these could possible only through technology.

Hello everyone.

So the topic is about how technology affecting Banking sector.

I would definitely say banking sector is affecting banking sector in a very positive way. Now with improved technology like IMPS, UPI cash getting transferred from one place to another in seconds without necessarily going to banks, standing in queues for hours to get their work done. Even those with simple mobile phones can get their work done through it by BHIM app. BHIM app again, created by NPCI to promote cashless transactions made it easier for people to carry on transactions online. Also unlike traditional banking, we can carry on online transactions 24*7. Under UPI various bank accounts of different branches are connected together which again makes it is easier for people in day to day banking. So in my view technology is improving Banking sector and in future, I believe it will definitely achieve the goal of PM Narendra Modi to go Cashless. Thank you.

Good evening ladies and gentleman. Today our gd topic is "how is technology impacting the banking sector".

As my point of view. Technology makes life much easier. With the increasing technology, it reduces our time and money. As we all now in a bank there is much rush and long queue. It took very long to came our turn. So technology plays important role in banking sector.

It makes our work easy. Because of technology we make an online payment and do online transaction within a second.

Technology overcomes the problem of the queue and it saves our time.

But there is some disadvantage that while doing online payment server problem occur. And online transaction is not much secure because there is a chance of hacking system by red hackers.

Hacker collects precious information which put yourself at risk.

Hacker withdraws a large amount of money from our account. So we have to aware regarding this while doing a transaction.

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.

Hi friends, I am Bhavani Rajendran. The impact of technology in banking sector has paved a way even for an illiterate from remote rural areas to access net banking in order to credit his/her salary from their particular concern they are working for. The SMS service provided by the banks for an individual's account is really very helpful to update the day to day changes in their account access. This never require even high-end gadgets which cannot be accessed by a layman who is not aware of technologies. Access given to plastic cards helps the consumers in emergency circumstances.

On the negative side net banking and other payment apps increases hacking to some extent than expected even though there are various safety measures by the techie experts who can break these securities. But that lays road to some more advancements in the technologies that boost up the banking sector.

Thank you for listening patiently friends!

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.

Hello everyone,

Technology plays a major role not only in banking but also in every sector but then in banking technology has a great impact as it provides many benefits to us. Money transfers can be easily made. Time-saving to public. Frauds related to banking can be easily identified. Public Can go anywhere in the world by cashless. Transactions made in banking remains for the longer period of time which acts as a proof of public transactions and corruption can be reduced. By technological updates, public Can be education much better than past these helps in development of country. Money deposits can be easily made, no need of standing In banks for hours. The customer transaction records are maintained from time to time. It is easy to identify the differences between fake currency notes and actual currency notes. Hence I conclude that the technology in banking sector is boon to the country.

Hi guys,

Technology is helping a lot to the people like that it is harming. It is impacting on the banking sector is very helpful to all. As compared to olden days, today people can save the time. But a country like India government should provide more facility to borrow and deposit the money. For ex: If anyone goes to ATM center, they may get amount or they may not. Because of no cash. If it is urgent, they should search for other banks ATM. This will happen in government Sector banks, not in private sector.

In rural areas, people are not aware of technology in the banking sector. The government Should make arrangements for this. Even today some people may don't no how to borrow the money from the ATM.

Finally, the government Should provide more safety measures for internet banking and credit cards. Because so many hackers can hack the people accounts easily from anywhere in this world.

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.