How is Technology impacting the Banking sector?

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

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.

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.

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.

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.

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.

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.

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.

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.

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.