How is Technology impacting the Banking sector?

Hello friends.

In my opinion, technology make an tremendous change in our banking sector. To visualize this change we need to think about Indian banking sector 10 to 15 years ago and compare it with today's situation. The first thing that comes to our mind is queue in front of most of the banks for some transaction, staff was also very frustrated during that time to see such a large queue, but after demonetization (8 Nov. 2016) Indian banking industry totally transformed, UPI (unified payment interface) was also launched that plays a very important role in transformation of our banking sector, today we can done every transaction very smoothly by knowing just one UPI pin. We have lot of apps available in market for the same like BHIM, PAYTM, MOBIKWIK, TEZ etc. It made people's life very easy and now bank employees don't need to waste their precious time in handling rush of people, now they are working very smoothly on their laptops.

Something are also their that needed means once I was travelling and I did not have my debit or credit card but having my mobile phone and I did't have cash at that time so I was in a big trouble so at that point of time what I thought was there should be an system which will connect our phone by ATM machines so we can use cash at any point of time even if we don't have our card and it will help us in very difficult situation.

This can be achieved by iot (internet of things) and presently I am working on it. This will be game changer in Indian banking industry.

Hello everyone.

Yes, definitely technology is a boon for the banking sector. Earlier people used to stand longer in queues for passbook print, now in some banks, it is seen that passbook print machine is available which isolates people who only came for that purpose and saves their time.

Previously no ATMs were there. The introduction of ATMs helped people become aware of their transactions, savings etc.

The banks use SQL which helps them maintain multiple records that can be retraced anytime by them with respective account numbers.

Technology has a huge and positive impact on the banking sector as you in the past it would take hours to do a simple transaction but thanks to technology we can di the same transaction in minutes.

But everything has it pros, as well as cons like our bank details, are not safe until and unless we are dealing with a protected network and a huge population if India can't understand the complexity of e banking and all so they are on the verge of getting conned by hackers.

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.

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.

Technololy has made banking very easy for the technology friendly people. We can make accounts online, transfer money, pay for our products, get loans easily. It rescued people from long queues and also saved peples time. In banks like hdfc, icici, idbi their most of the transactions are online. It also keeps our transaction details properly so no more reciepts. Artificial intelligence has made all the banking products available ti customers at home.

Yes, of course, Banking sectors are flourishing in this era, everybody needs cash and to keep that cash you need a secured place that is Bank. Evolution and revolution both are gradual in nature, emerging technologies revolutionising the banking sector at spur. This is also creating ample amount of jobs and banking sector always captures limelight because of the changing trends like cashless, cashback, Zero maintenance charges, asap accounts and other offers. So undoubtedly technology is imposing a strong positive effect on the baking sector.

Thank you.

Banking sector is one of the fastest growing sectors in India. Previously, banks used conventional methods to maintain ledgers and accounts. Also customers need to wait for a long time in queues to deposit and withdraw cash. But now technology has brought a major change in banking industry.

Due to digitalization, everything has made easy and people are making use of technology for cash transactions i.e. atms (automated teller machines) for cash withdrawals and cdms (cash deposit machines) for cash deposits. Not only this, private sector banks like kick banks are using robotic technology to improve customer service. After demonetisation, everything has made online and we can open and maintain bank accounts without going to a bank branch. Recently, kotak mahindra bank has launched 8-11 app that a person can open account by using this app simply entering their aadhaar and pan numbers.

China is the first country to install face recognition atm which enables the user to withdraw cash without entering any details like pin number etc. Our central government had launched upi (unified payments interface) and bhim (Bharat interface for money) apps to encourage people for digital transactions.

We can say that, technology has made a major impact on the banking sector.

According to me, technology in the banking sector is game-changing at every aspect. Transactions with cheques and DD are very slow and inconvenient and the main problem time we invest in line waiting for our turn. I still remember the time when people used take holiday from work as they have some work in the bank. So I conclude that use of technology should be further promoted in the banking system.

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.