How is Technology impacting the Banking sector?

Technology is impacting banking sector because nowadays people mostly use net banking and not many people use banking sector.

There is a reason for that and it is that banking sector is unsafe for us because we can be a rip off by frauds but in net transaction, no frauds can rip off us.

By my point of view technology is more better than the banking sector because as we all know that there frauds are increasing in banking sector but in technology, there is no fear of fraud.

Let us take an example, if we are going in a bank to transfer the money from one place to another there we can rip off but in net banking which is a part of technology there we cannot be rip off.

So, at last I Want to say that net banking is more better than the banking sector.

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Hey everyone.

This is Jitender As the topic is How technology impacting the banking sector. As we see all around technology has been increasing day by day and developed its advanced features to make peoples life easier and simpler. In Banking sector technology plays a very important role to make life easy and secure.

. In earlier years many people standing in a queue for withdrawing money, transfer from one account to another account and cheque/DD transaction. It was waste a lot of time and paper cost and people carry a huge amount of cash by hands which were a risk of pickpocketing, robbery. But now technology has changed the banking system. We can transfer money, buy any products, pay utilities bills, electricity, recharge in a second and all these things done by our fingers.

It has saved our time and not stand in a queue for long hours and banking sector is safe and secure rather than carrying a large money.

As we see that mobile application like paytm, Bhim app which enables to do transaction very easily and its a secure enough by otp system and pin based sytem. These apps provide a very easy interface between the user so that every individual can use very easily. But in rural areas many peoples are illiterate and they don't know about the facility of banking system, don't know how to use the bank facility due to lack of knowledge or awareness among the peoples or have a fear of fraud / hack their accounts but my dear friends I would like to say that these banking sectors and apps like paytm is 100% safe and secure. Most of the people have an absence of mind and don't follow the precaution while doing online transaction so that lack of awareness is the main cause for fraud or hack their accounts.

At last, I would like to say that technology is a boon for banking sector because it makes life much easier and convenient and happy life. There are some points how technology impact banking sector.

1. Do online transaction in a minute rather stand in a queue or going to somewhere else like banks.

2. Technology provide all banks information like check balance, NEFT transfer, IMPS transfer for higher amount in a very easy way and much secure.

3. If by chance any transaction failed the refund will be come within 5 days so don't need to worry about it.

4. Technology improves banking sector by coming with upi (unified payment interface) which enables to do transaction much easier way and users not able to share their card details or any bank details upi provides a upi adress which is same like email adress and using this upi adress anyone can simply do online transaction without any fear or hesitation.

So guys technology made our life much easier and simpler way to live.

Thank you guys.

Have a good day.

Hi this is Saikiran.

I would like to thanks for you giving to me this opportunity now days banking sector is impacting on our life why because it is very helpful us and useful ex we have send to money for your family but there is no banks available near your place then you got an idea you sent money through your online banking like paytm, phone, tez, icici mobile banking. Its helpful for modern people, educated people like job holders but not for rural area people because they can not understand this much technology many people I saw even they do not know how to draw the cash from atms they faced many problems when they proceed to transaction, presence of absence mind they do not know follow the rule and regulation or precaution during transaction people must have to aware of it and most of the technology based on software and internet they are not secure because presence of attackers in the world in future those kind of technology may be hacked so government have to aware of it thanks for every one.

Really its a big impact on our life. You cannot lead your life without bank sector is not possible in our day to day life. If you want buy an online product using your credit card. Even supermarket also have credit card machine. Very to easy to handle to transfer money. If you want to share money at any time you use net banking simple way to transfer anywhere. Don't go to the bank with that formality to do.

Technology towards the banking sector makes our country as digitized but we are democratic country whenever we use the money we came to know the people are there in the money for example 10Rs note has Mahatma Gandhiji Photo whenever we see that we feel Gandhi is our nation father.

And people who are in the rural area are not able to use this system because Indian is known for different kinds of culture we always need money in our hand.

In banks people who stand in the queue, they know how the bank works as well as it also reduces our fats in our body for standing a long time and their legs get stronger than stronger not only in banking in any place.

Technology in Banking is a good development we can do all transaction in min or sec.

Even it people who fail to pay tax to the Govt will be paying the tax through this method this is also a path for demonetization.

In my point of view technology in banking will help in time consumption but we should completely get into the Technology India is a hard-working people country so we need money, not a Debit or Credit card or net 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.

All the technology developed in the banking sector is very useful and less time consuming and there is no need to worry about any kind of fraud or theft because if the cyber crime is there then the investigation is also there. We only need to spread the technology and its uses by designing the demonstration in a simple way such that people from every corner of the country would be confident for the cashless transaction and this will lead to the next step of development.

THANK YOU.

According to me, technology has been proved as boon to banking sector. Now people can receive or send money to anyone at anytime using net banking. There was a day when bank used to be filled with people standing in queue and filling up the forms. But now the scene is completely changed. Anyone can download some apps like paytm, phone pe, or any banking app and fund can be transferred easily with pressing few few buttons on the phone. Some gadgets like debit card or credit card, and now NFC enable phone have made making payment very easy and convenient.