How is Technology impacting the Banking sector?

Talking about the impact of technology on the banking sector then according to me, technology is impacting the banking sector after demonetization. I mean before demonetization it was also impacting but at the slower rate. After demonetization, there is a sudden increase of the technology in the banking sector and many people adopted the digital way of buying and selling goods. Few people have cash at the time of demonetization and that's why they adopt the digital way of purchasing or selling goods.

Nowadays many people are aware of online digital payments like net banking and credit cards payments. Online methods are safe and you don't need to worry about your security as well. You can pay the bills from anywhere and at any time. As the internet connectivity increase, more and more people will connect to the digital world and hence, more and more people will choose the online way to make payments.

But with growing usage, online fraud cases are also increasing in the same way. Banking sector needs to create awareness among their users and should also improve the online mode security to reduce online fraud cases.

Hi everyone.

As we know that Technology plays a significant role in the banking sector. The Introduction of IT has been made us able to do ATM transactions, credit/debit cards, interbank cash transactions, MICR in cheques, NEFT, RTGS, etc. Even people in rural areas are also participating more and more and banks are encouraging them to take part in banking culture. Everything has been made so easy that you can send/accept/check your balance from home 24*7.

Every invention comes with its merits and demerits, it depends on us. We choose it as per our suitability or perfectness.

Nowadays, banking sector is mulling to bring automation for better productivity and efficient delivery of services by the banks. Several banks like HDFC, UBI have come up with their humanoid robot, Era of HDFC and Lakshmi of UBI. Banking sector have come up with lots of payment platform like HDFC payzapp, Canara bank empower and Govt has recently launched BHIM app which is an aadhaar based upi payment app. Government is giving greater push to digital transaction after demonetization, it has set the target of 2500 crore cashless transaction by 2018. So these are the smaller leap towards a bigger goal.

Technology is impacting the banking sector in a positive way. It has reduced the distance bw bank and its customer to a great extent and now people in rural areas are also using the banking products which are earlier can not be provided to them through any self help group (SHG) or any small branch.

Technology will help in achieving the goal of financial inclusion at faster pace and in a efficient manner. Technology reduced the cost of banking services and increase the competition in the banking sector through various digital platforms.

Technology brought banking sector reaches every place in the country, and it is also helpful to financial inclusion. Nowadays time is most important factor in human life, so the technology brings less time consuming for banking activities like we don't need to go bank for services, we can transact in our mobiles easily.

Today, Technology is playing a vital role of every sector. Banking sector also depending on various technology activities such as withdraw and credit money into ATM instead without need to visit the branches. It is a time consuming if money need on every time, we get a money from technology. All people using the advancement no need education, blind people also using biometric ATM it will also helping the way of increasing financial inclusion to visually impaired person. Poor people including the digital via small phone *99#. It is an advantages for all people but only drawback is reducing the employment.

Tech has greatly impacted the banking sector.

Nowadays we see that banking facilities are available through various apps yes pay, imobile. Has technology has greatly supported them. We can do anything just with one click away. Passbook entries with a machine earlier long queues. Everything on computer. No need to go physically. Just be online, Internet banking imps neft, rtgs.

According to me, the banking sector is one of the major source used by most of the people. Technology must be grown in the banking sector. India is a developing country we need to improve our skills. Before we have to wait in a long queue for deposit or withdrawal. If we had a busy schedule also we need to spend our time on the bank. But nowadays technology has improved. The Machine has come in every bank which makes our job simple. It is very useful. But it also has many demerits. If internet or power is not there nothing will be done thank you.

For a corruption less India, the Indian economy has to be cashless. Because in my opinion, the root of corruption is cash. Corruption arises from cash only. For making India cashless the banking sector plays a very important role. The Indian government is also launching several online digital payment apps for making Indian economy cashless. So I think that banking sector should also require technology advancement in it. Because if banking process becomes easy then no one will prefer cash. By technology advancement in banking field corruption can stop up to some extent.

Hello, myself Uttara. We are living in the age of the technology and banking sector is no exception. The inception of technologies in banking sector dates back to 1991 when Narshimharao report suggested including computers in this sectors. Since then we have witnessed Robust use of technologies such as computers which decrease the human labour and makes accurate calculations and stores vast data of bank customers. ATM's which dispense cash anytime anywhere 24*7. Then moving to online banking and internet banking which saves immense time in this fast moving world. We can now use RTGS, NEFT to transfer money seamlessly through smartphones. Mobile banking apps integrate the whole banking experience into 1 single window. E-wallets replace the traditional wallet system thus curtail the risk of theft. Through debit credit cards we can shop online 24*7 without visiting the brick and mortar stores. So technology has given banking sector a new arena and it is a dynamic process which keeps improving. Thank you.