How is Technology impacting the Banking sector?

As per my knowledge technology impacted banks in positive way. Technology used in banks was core banking solution (cbs) which enables triple A solution, means Any where, Any time, Any branch. Today all banks work on main servers these servers are again connected to Central server where all the back office activities such calculation of interest, updating of parameters, generation of reports, start of the day operation, end of the day operation etc. Are done. It is opportunity provided by IT for efficient 24*7 customer service. All the deliver channels like ATMs, debit/credit cards, upi, aadhar enabled payment system, chillar, Bhim, mobile/Internet banking are consequences of Technology makes people reducing time to going banks.

Financial inclusion is most important concept which India is focusing on from long ago, can achieved only when banks facilities reaches remote areas and Cashless economy is final thing these could possible only through technology.

Positives:

- 24*7 banking available to customers, a burden of queues reduced in banks.
- Single Window Banking facility available, better customer handling, more focus now on cross-selling of insurance, mutual funds and other schemes possible for banks.
- Better marketing and products can be easily sold online like insurance.
- Lower down the operating costs.
- Better customer feedback can be achieved, look to better customer interests.
- Transparency, Accountability, fewer leakages in welfare schemes, abolish money laundering activities.
- Instant money transfer, better precision, more centrally connected database like Core Banking Solutions.

Negatives:
- Unemployment issues caused by them.
- In the case, of server problem whole day-functioning of banks get disrupted.
- Instances of cyber thefts so security breaches is prevalent.

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.

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.

A Few years ago if you have to borrow a money, you can take it only cash but in today in this progressive world, you can do it by your mobiles.

ATM cards also have fast and 24*7 hrs system. Anytime you can withdraw the money or by using the card on mobile apps you can directly pay to someone.

This is a help to reduce the corruption in India and provide the safe method for transfer the money.

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.

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.

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 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.