How is Technology impacting the Banking sector?

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.

Nowadays technology is impacting the world. But, banking sector technology is the most powerful impact in the world. Banking sector technology is useful for transaction amounts in one bank account to another bank account online, easy to pay the amount in the shopping. Online transaction Is also convenient and also easy to fraud the amount.

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.

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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.

Hello everyone.

I am Emmanuel Unique.

I think technology serves as the blood which passes all sectors of life. The impact of technology to banks can't be overemphasized. As technology makes the banking process easier and more comfortable. Back in the days, a long queue to the bank was the order of the day. But with technology, it may take someone years without even going to the bank to transact. I can do it online.

Few points to ensure everybody regarding benefits of digitization.

1. Relief from carrying the bulk sum of money in wallets such as chillars, notes.
2. Transparency in the transactions of goods which will eventually lead to less tax evasion.
3. Saving a lot of time but I am not sure about money as every convenience being provided demands charges.
4. Prepaid recharges and bill payments can also be settled online.
5. Provide employment to various intelligentsia from the technological field of interest.

Some non-benefits:
1. Majority of rural population is unaware regarding net banking and other online services.( digital education is a must).
2. As the number of online users increases, the servers may remain busy.

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.

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.

According to my point of view, technology is improving day by day, we cannot able to stop it. In the banking sector, technology has been improved a lot. Paytm is an example. It is useful to us. It reduces our work. But it involves much theft. Many frauds have been raised by this. But technology improvement is needed in our country. We need our India to be a digital India. So we must adapt to it. Many transactions had done through internet. So we must ready for everything. In banking sector also, many security apps had been created and security is been improved. So we can believe bank with 90%. Thank you for the opportunity.