How is Technology impacting the Banking sector?

There are several technologies has come in our country which is used for human beings. It impacts on different sectors, especially in the bank. Lots of gadgets like ATM card, Credit card, Greed card are used in the banking sector for making the working process frequently and bring digitalization. There are various types of apps like the net banking system, phone pe, Paytm by which we can make an easy transaction by clicking just one button. So we need not to carry a passbook or other paper to the bank. Nowadays Coupon system has launched. This is the process that you have been given a coupon with a number and sit with relaxing on a bench. When your turn comes, you can proceed to the counter and complete your session. So for this system, we don't need to make any queue in front of the counter.

But there are some disadvantages in case of this technology.

First is, obviously, illiteracy, Most of the people live in rural areas can't understand this system related to technology. For that, they face a problem when they proceed to the transaction.

2nd one is, the presence of absence mind. Most of the people do not follow the rule and regulation or precaution during the transaction. So people have to aware of it.

3rd is, Most the technology is mainly based on software or internet as they are not secure because of the presence of attacker in the world. In future, those kind of technology may be hacked. So Government have to aware of it.

Day by day with the help of technology, the banking sector is improving. Now in urban areas, many people have started cashless transactions who were frightened before because of security reasons but now I think cashless transactions are more secure than cash transactions. Nowadays there are some smartphone apps also which are very useful for transactions, by UPI system it's very easy to send money with only one password.

There are some other benefits also like you don't need to stand in a queue in banks, no need to fill paper forms, no time limits (online banking is open 24*7).

Technology has affected every aspect of our life and the same has happened with banking. In my opinion, technology has brought about mixed effects on banking.

1) Earlier, every transaction associated with banks would require the use of paper, however with the emergence of ATM cards, online banking etc. Such transactions have been made almost paper-free. This has been an environmental-friendly approach.

2) Nowadays people do not need to go to their home branch to carry out financial transactions. Facilities like online banking, ATM cards etc. Have made it possible to make any bank accessible to us.

3) Today arranging a cash amount is not at all required, one just needs to swipe his mobile phone and money would be transferred to the desired location, and that too in a split of a second!

4) Technology has also amended the existing procedures- for example earlier one had to be personally present at a bank to apply for his duplicate ATM or submit other details. But now one can do the same at his home using the online banking gateways. Moreover, getting your passbooks updated is also not a tedious and time-taking task; just go to the machine, insert your passbook and it is done!

Technology, however also comes with some disadvantages-.

1) With the use of more such online pathways, one needs to be more alert towards cyber crimes, since one's savings is protected under only one password!

2) Already there are so many ATM frauds known to be happening, so blindly relying on such methods to transfer a large amount of cash is dangerous.

3) Paper receipts, though a wastage, yet one has some evidence for his transaction. But now, one may have none when it is required!

Thus, I feel that baking has witnessed both positive and negative effects of technology, and its overall consequence now rests on how we use it.

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.

Now a days technology in banking sector has gone to next level. In fact technology is a boon to banking sector and for people as well. Technology made many banking works very easy and using technology in banking works is very accurate too.

1. NEFT system has made many changes now a days. By this there has been easy access to the banks anytime and anywhere.

2. RTGS reduced the risk of transaction of huge amounts at a time and it conserves ones time as it is a immediate process.

3. CTS i.e. Cheque Truncation system has been playing a major role now a days. There is no need of carrying cheque to the bank, image of cheque can be sent and it is verified electronically. So this helps a person in many ways.

4. And this net banking not only helps to transfer money but also provides many facilities like recharge, booking etc.

And there will be always a alert message for every transaction and makes people to know every action of their accounts. And at anytime we can check our balance.

By the above all points we can say that the impact of technology in Banking sector is so great.

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.

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 friends. !

Technology is a boon for each and every sector either it be a banking or anyother sector. Through it we can send a huge amount of rupees from one account to another. In a bit of second, As Through this we can withdraw, send (Imps, Rtgs, Neft) net banking, Record etc. This all could be done in a bit if seconds. Through a secure way. But its disadvantage is that. Not all of the citizens are aware of this technology and another one is there are more chances of hacking means it is less secure.

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.

Technology is really a boon for the society especially in the banking sector where we need to maintain records of millions of people. Online banking would reduce the corruption in the country and moreover people need not to stand in long queues to make any bank related transactions as they can be done simply by sitting at home.

We see the cases of theft and robbery rising day by day in our country, by using the online payments methods we need not to carry any money with us.