How is Technology impacting the Banking sector?

According to me, technology plays an important role in the banking sector. The result of technology is that we can easily transfer money one place to another. We can be shopping online and pay money in some second. Nowadays there is no need to go the bank and stand in a long question. Technology brings a huge revolutionary but every aspect has a two side, good or bad like that it has also a bad aspect like hacking and fraud. India is a developing country and our a huge population are live in an urban area and they don't believe that e-banking is safe so I think we need some more time for changing the aspect of the people and I know after some time we will totally accept the digitalization in the banking sector.

Hi, This is Dhananjay. Today we are discussing a topic about the impact of technology on the banking sector.

Technology has a huge impact on the banking sector.

1. We were having to stay in the queue for deposit/withdrawal/transfer the money in the bank but through tech. Now we can do it in a sec sitting at home.

2. We have smart phones, through which we can avail all banking facility easily through internet.

3. Technology also shortens the lengthy system in a bank, we all need is system generated number which carriers our all bank details.

No doubt, it has increased the efficiency of the banking sector in an innumerable way and the most important thing is it's less time-consuming.

Thank you.

Nowadays technology is a very important role in the Banking sector, because of technology our life very easy and also time-saving, with the help of internet we can send money any bank account from anywhere and anytime within few second, we can get any information about banking sectors like check amount and previous details due to technology, we don't need to go for bank and save time we can do any work at home, we will not have go any ATM we can easily transfer money and recharge from anywhere and anytime, some bank started the facility to open a bank account at home no need to move the branch. If by chance any transaction failed the refund will become within 5 days so don't need to worry about it.

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.

As you can see the current or trending technologies align all the day-to-day challenges to work smart, quick, and secure.

If we approach the banking field like how technology contributes to working fast within time like transactions faster, security, and transportation scenarios like visiting the bank or visiting a particular branch of the bank all these scenarios.

But the thing about technologies like cyber security, blockchain, and data analytics all those fields align the management of the bank in a structured manner so all issues regarding the bank are solved.

Eg: online payment issues, spam detectors, fraud alerts, etc.

Those all issues can be prevented and make good transactions.

Yes, Due to the impact of technology, people became educated, they became curious in learning things, the people become more alert about the crimes, presently demonetisation gave a good direction about level of crimes occurring in our country. These things make people take tough decisions in their pursuits. Sooner or Later, there is a chance of achieving 100% literacy rate in India. This makes individuals coming with new ideas with a better approach to a problem. In a recent issue, an economist stated that "India's democracy, confers long-term benefits. India can change the government without a revolution. In the long run that may offer a better guarantee for that business crave".

Hello everyone I completely agree with all of your information and you guys had put efforts which I can see but it would be more helpful to me if you put content with some relevant data or facts or figure it would help me in clearing my GD in a valid manner because discussing just on words doesn't sound as a strong statement, it would be better if you guys just put little more effort to provide some data with numeric figures and valid information else everything is good and in a very well manner. It's just a request to put your data in facts which add value to your content with proper resources or reference. Thank you so much for reading, hope you would help me with this.

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.

Banking is nothing but a business. So I would like to put lights on how technology affecting the business.

Fasten the process.

Nowadays we can easily send our information regarding business through emails, WhatsApp.

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Technology reduces manpower, increase the efficiency, more production.

Through technology, we can reduce a lot of time, because of its unique property why that is identity.

At last, you would like to conclude that with the advancement of technology Banking is achieving great height both in terms of consumer and its own profit.

Thanking you all for your kind attention!

Technology is making a significant impact in the banking sector. Gone are the ancient days when paper registers, bulky computers and large queues used to adorn the branches of the bank. Now, banking is available at fingertips. Internet banking and digital payments are the new buzzwords in the banking industry. Even Atm's and cards have become things of the past. Technology has enabled this convenience of seamlessly banking anytime and anywhere. UPI enabled payments system is like a landmark that provides hassle free transfer of money between any two bank accounts. Technology is like a magic wand that has simplified the banking processes of today.