How is Technology impacting the Banking sector?

Hello everyone, very good morning you to all.

This is Ajay Kumar, today my topic is the impact of technology in the banking sector.

In my point of view, It has a great impact on the banking sector.

By the development of the banking sector, it helps to prevent from standing in the queue in a bank for transfer /withdraw/sending of money but through technology, we can do it within a minute in the home.

By this, it takes less time to do work.

The efficiency of working in banks also increases.

Like every coin has two faces it has also a negative impact on the advancement of technology lots of people are doing illegal activities like hacking, cheating, etc by this they are able to withdraw money by the hacking method. That's we also have to improve the security of banking as well with the advancement of technology.

Thank you for reading my opinion.

Positives:

- 24*7 banking available to customers, a burden of queues reduced in banks.
- Single Window Banking facility available, better customer handling, more focus now on cross-selling of insurance, mutual funds and other schemes possible for banks.
- Better marketing and products can be easily sold online like insurance.
- Lower down the operating costs.
- Better customer feedback can be achieved, look to better customer interests.
- Transparency, Accountability, fewer leakages in welfare schemes, abolish money laundering activities.
- Instant money transfer, better precision, more centrally connected database like Core Banking Solutions.

Negatives:
- Unemployment issues caused by them.
- In the case, of server problem whole day-functioning of banks get disrupted.
- Instances of cyber thefts so security breaches is prevalent.

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.

The banking system has been undergoing massive changes with the help of technology and it has helped in areas such as,

* Online Loan process - Banks are upgrading & replacing current systems to speed up the online loan process.

* Faster payments battle - With many improvements coming in payment technologies, banks are creating new and improved products because of the faster payments that are occuring.

* Customer Access & Control - Many times customer don't know that their information is been sold or shared. So for that there are new technologies being developed that will give banking customers the option to make their own settings on who can access their data and at what level. Placing control of personal data into the hands of the customer seems to be the future.

If technology was not impacting with banking sector then we can not use atm, online transaction facilities. In earlier days, records of customers are organized manually. The manual organization makes the process very difficult to implement. But in recent days we use Database Management System (DBMS) to organize files, storing data. We can also modify data as well as customer records. The process is very easy and it improves the quality. Now, it's very easy to making a transaction, updating money, issuing demand drafts, online payment NEFT etc. We can do online shopping by paying money from our bank account at home. That is why technology is required in the banking sector. Not only DBMS but also using so many technologies to make it simpler.

Hello friends,

In my opinion, technology has impacted the banking industry. As we know that we can do any types of transaction online which is very secure also. We do not have to wait for any types of transaction It has made our life better compared to earlier time. A time is very useful and the bank has understood this already. Digital or online banking maintenance charges is less so it is beneficial for the bank also. Now er have many secure apps also which help for the secure transaction like Paytm, Bhim, tez etc.

To conclude I would like to say that these types of online banking is the best option for the customer as well as the bank.

RBI plus government also like to promote it as it is good for the environment as it is paperless.

Banking sector is greatly impacted by technological advancements which is a very good sign as for as transparency and efficiency is concerned. Today we have data for real-time transaction which is very helpful to combat corruption. We can use instant money transfer with technological advancements. Also, we maintain customer's balance sheet in better and clear way and access to data when needed has become very easy with technology. But at the same time, we need to be very cautious with this as there are several cases of data breach in banking sector which is very dangerous. Although we use online transactions which are very convenient but at the same time online frauds are also reported. So we need to deal with its other side as well.

Technology is effectively impacting the banking sector too.

Before technology, all work will be done on a paperwork. They are lots of information which will be done in paper site only. If common people have some difficulty and have some related work in a bank they are in queue. But now technology improve the quality of services. There are lots of data if entered to the database then there was only need to update within in a single minute.

Since technology is in banking sector it will there are no of services provided to people online such as transaction. Payment. For business purposes transaction, many to us.

Thus in my opinion towards we have to be a good idea to implement the technology to the banking sector.

Thank you.

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 to all.

As we seen around us due to technology in banking sector, the banking sector growing faster. So technology is best for banking and have lots of positive impact by technology in the banking sector.

Due to technology, transactions are fast. Complicated calculations solve within a seconds. And most important thing is that accuracy and handling of thousands of accounts are possible. And it is impossible to handle this large number of account with bounded time. As well as if we talk about the accuracy. Due to technology in banking sector the accuracy and transparency is also increased. So today we need technology in banking sector. And this is all the positive impact in the banking sector. Thank you.