How is Technology impacting the Banking sector?

Hi guys,

I am Akash and technology is make up a huge impact on banking sector. Unlike early days we don't have to wait up in line to make the smallest transaction, now we can do this kind of transaction with remotely in a second.

Banking is using CRM for making better relationship. With customer. Banking is on Mobile App so we easily track our money and follow up expenditure that had been in past. In past taking a loan from is huge deal but it can be done online where every documentation work will be from home no need to wait for months and that's how is technology mending banking sector.

In my point of view, technology plays an important role in the banking sector. Some negative impacts are faced by the sector but there is no effect on the banking operations because the technology have the solutions to overcome this type of negative impacts facing the banking sector. The technology came to the banking sector transaction are more transparent and smooth. And it also helps to reduce paper work and improve speed operations. This will help the sector more customer oriented and also increase more deposit. The customer is well satisfied with the technological advancements.

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).

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.

Technology is like a trend, it goes on changing every day at any time. And we should be proud that we are using these new advancements in our smartphones which we can carry anywhere, and make our work achieve in a smart way. And one of the smarter technology today we are using is banking sector, this made our lives really easier, and every user is smarter using those secure apps, we make our transactions very soon as soon as we know the information in our call within a second. The technology was given the privilege to use applications which are user-friendly.

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 everyone, I'm Ragav.

My opinion is that technology advancement in the banking sector had improved greater customer satisfaction but instead it decreased the intake of younger generations in the banking industry as it involves only automation and doesn't need any manpower or mind. It reduced the queues, removed paper challans and nowadays every banking activity or process can be accessed through online 24/7 without any official manual approval. We cannot stop the technology that is striking towards the banking sectors instead we can improve the security.

Hello,

I completely agree with the comments share by my friends. Truly, India has been Digitised because of technology. I also see that Indians became so smart and doing their normal work so easily like paying bill booking tickets and much more by using technology. No doubt in it as the Govt encouraged digitisation and banks started many schemes with the help of the customers. Technology always helps India to improve socially and economically.

But yes it also has cons so we have to be very careful while doing transaction as hackers are waiting.

Thanks.

Yes, of course, Banking sectors are flourishing in this era, everybody needs cash and to keep that cash you need a secured place that is Bank. Evolution and revolution both are gradual in nature, emerging technologies revolutionising the banking sector at spur. This is also creating ample amount of jobs and banking sector always captures limelight because of the changing trends like cashless, cashback, Zero maintenance charges, asap accounts and other offers. So undoubtedly technology is imposing a strong positive effect on the baking sector.

Thank you.

According to me, technology has been proved as boon to banking sector. Now people can receive or send money to anyone at anytime using net banking. There was a day when bank used to be filled with people standing in queue and filling up the forms. But now the scene is completely changed. Anyone can download some apps like paytm, phone pe, or any banking app and fund can be transferred easily with pressing few few buttons on the phone. Some gadgets like debit card or credit card, and now NFC enable phone have made making payment very easy and convenient.