How is Technology impacting the Banking sector?

Technology is a boon for the development of society. Technology has become an important factor for advancement of a country, economical development rate has been increased. Now a days people don't have to waste time in the process of any financial transaction, with the help of net banking facility within a minute financial transaction could take place with accuracy.

Few points to ensure everybody regarding benefits of digitization.

1. Relief from carrying the bulk sum of money in wallets such as chillars, notes.
2. Transparency in the transactions of goods which will eventually lead to less tax evasion.
3. Saving a lot of time but I am not sure about money as every convenience being provided demands charges.
4. Prepaid recharges and bill payments can also be settled online.
5. Provide employment to various intelligentsia from the technological field of interest.

Some non-benefits:
1. Majority of rural population is unaware regarding net banking and other online services.( digital education is a must).
2. As the number of online users increases, the servers may remain busy.

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.

Good evening ladies and gentleman. Today our gd topic is "how is technology impacting the banking sector".

As my point of view. Technology makes life much easier. With the increasing technology, it reduces our time and money. As we all now in a bank there is much rush and long queue. It took very long to came our turn. So technology plays important role in banking sector.

It makes our work easy. Because of technology we make an online payment and do online transaction within a second.

Technology overcomes the problem of the queue and it saves our time.

But there is some disadvantage that while doing online payment server problem occur. And online transaction is not much secure because there is a chance of hacking system by red hackers.

Hacker collects precious information which put yourself at risk.

Hacker withdraws a large amount of money from our account. So we have to aware regarding this while doing a transaction.

Hello everyone,

As every coin has two sides likewise technology also has its two sides on banking sector the positive side and the negative side. So first I will speak about the positive impact than a negative one. Ever since modernization and digitalization of banking sector, it has impacted in a positive way from core banking solution to ATM's cash dispensing machine. Technology has made life hassle free. It has increased the efficiency of the bank, reduced bank operational cost, made bank to reach more people, providing 24*7 banking facilities in single window system and much more. Technology is a need of the hour and indispensable. But there is also the negative impact of this like if a server problem occurs then the whole bank stop functioning, rising cyber crime is another problem that it faces. So I think technology has impacted banking sector more in a positive way rather than in a negative way.

Thank you.

Though technology in the banking sector has huge useful, it also has a bad impact on human health, due to internet banking the laziness of the man increases and too job opportunity decreases slightly due to technology use.

The unemployment also causes a severe problem (for example : the unemployed guy received importing details about passbook, etc he can't able read and understand it).

In my view, first of all, change their system for those people are they live in rural areas for their small transaction in their mobile phones (not smartphones).

Because many of the peoples do not have a smartphone. And put it on some of the small machinations for small works.

Hello guys!

The modern technology really imposed a great change in banking sector, ofcourse in other sectors too.

From last 8, 10 years the banking sector improved alot due to implementation of technology. Before that we used to go to banks for every transaction even for balance enquiry and we are supposed to be in que for long time. Now all those things have gone. We are using laptops, mobiles for every transaction through atms, online internate banking. We are getting every update in our mobiles through mails, messages regarding our account maintenance. By this we can save alot of time and no need to postpone our works for banking purpose. The government and youth should take part in motivating people towards modern technology in banking sector. My best suggestion for government is to establish a bank and atm centre in every village.

THANK YOU.

In my point of view, with the advancement in technology banking sector is improved earlier for even small transactions through banks we have to stand in queue for hours now the same thing can be done while enjoying snacks at home. With the digitization in banking sector precious time of people is saved.

Technology is impacting banking sector drastically. Now days are gone when a person has to stay in a queue for hours for his transections now it can be done even from a room within a minute. In banks, technology has reduced the man work and make bank free from bundles of files.