How is Technology impacting the Banking sector?

Yes, I think it play a very vital role in today's era because suppose if there is no technology and if we want to go for a trip like a big trips of foreign countries and we are carrying cash with us then it is dangerous for us firstly we think where is the safest place to put it and we can't enjoy our journey as we want. But if we have technology power then we can easily transfer it to other people's account and it is safest for us in case we lost our cards then we are able to block it by which our money is again safe. It gives lots of facilities so through this example I want to say that technology not only plays important role in banking but also in our real life.

Hello everyone.

The world is going technical with new techniques and there is a major impact of technology in all sectors and our daily lifestyle. Well we all are very much aware of net banking or we can say that our life is depends on it only if we want to eat something just do online payment and order something, online dresses, online booking, online traveling extra extra everything is done by cashless and its all because of net banking so we can say that technology has a great impact on banking sector, there are many more examples if someone wants to transfer money from one account to other for this no need to go bank and stand on a line now you can do this just in a minute by sitting at home.

Hi everyone,

Technology is most important part of developing the banking sector. We have not waited for debit or credit the money by making the queue or joining the line. We can easily transfer the money through net banking whenever we want. It is great pleasure of the latest technology and it is the greatest part of the banking sector.

Thanks.

Hello, friends.

As we all know we are living in a technical world yes it is very true that technology is impacting the banking sector but it's very beneficial to all, like if we want to transfer money we don't need to stand in a Queue just with a click of button money get transferred, not only this with this technology we pay our electric bill, recharge our mobile and many more, so overall its great for having technology in banking sector.

Technology even impact many online facilities nowadays like we buy clothes online from myntra or any goods we want from online shopping sites like flipkart, amazon, snapdeal, etc.

Hi, friends! According to me, the impact of technology development we are having over the banking is very vast. Technologies which we are using like net banking, ATM etc. , are really heplful to everyone in our country. Senior citizens also find it very easy to withdraw or deposit their money. This technology development help us to save our time in this busy world!Saving time is the most advantageous thing from my point of view. These technologies are also user-friendly where even an uneducated persons can use it after learning it to use for few times.

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.

Hi.

Yes, of course technology plays in important and crucial role in banking sector. We seen that due to technology development we do not need to go bank for credit or debit and no need to stand in long question for several hours. This same we can do in our home just by using net banking apps within few minutes in our mobile or in system. But also their is some risk of hacker or some outside unathenticated parties who are very smart enough then our software engineer can swipe money from anyone account or whole money from bank within a fraction of seconds. So security should be very tight in any technology. Thanks.

Good morning all.

Nowadays, technology is doing at its best in each field. Technology is making our day to day work easier. If we consider about banking sector then technology is doing a great job.

1. The human/manual counter is now converted into automated teller machine, which is operated by human beings itself. Where without the need of any banker a person can transfer funds, withdraw cash from the account, can check mini statement and many more facilities. With upgrading technology banks launched ATMs like biometric atm for illiterate people, talking atm for blind people, micro atm for the rural area.

2. Some banks started the facility to open accounts at home no need to move the branch.

3. Banks have developed their own sites and applications through which a person can transact online 24*7.

4. With the help of technology, we can transfer funds without the internet also. With the help of used technology by pressing *99# from the mobile phone.

5. Many banks have started by providing loans on online which will reduce the bribery those officers are taking this to pass the loan.

6. Several cards are produced by banks. Like a credit card, if we don't have cash also we can purchase goods. Several global cards are produced by banks which are widely accepted in foreign countries.

7. Recently developed UPI (unified payment interface) is another achievement of technology. Here a person doesn't need to provide its cards or account details to do the transaction. Here it only accepts a virtual address s nothing just like a person's mail id.

8. Earlier for clearing cheques, banks need to transfer that cheque physically where we have a fear of loss or damage. But now with the help of cheque truncation system no need to move that physically. Only the virtual image is enough.

9. No need to carry cash all the time. By using cards and apps we can pay cash in online shopping or from stores.

So the effort is highly appreciable. Also, banks are updating the technologies and security features on regular basis for the smooth and secure transaction.

Thank you.

Hello,

I completely agree with the comments share by my friends. Truly, India has been Digitised because of technology. I also see that Indians became so smart and doing their normal work so easily like paying bill booking tickets and much more by using technology. No doubt in it as the Govt encouraged digitisation and banks started many schemes with the help of the customers. Technology always helps India to improve socially and economically.

But yes it also has cons so we have to be very careful while doing transaction as hackers are waiting.

Thanks.

Hello, everyone.

Our today's gd topic is technology impacting the banking system. Yes, as we all know today most banking activities are conducted by using technology like atm credit card debit card note counting machine passbook printing machine etc. So there is a vast impact of technology on the banking sector. It reduces the workloads of employees and also provides better banking services.