How is Technology impacting the Banking sector?

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).

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.

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.

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.

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.

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.

Technology is really a boon for the society especially in the banking sector where we need to maintain records of millions of people. Online banking would reduce the corruption in the country and moreover people need not to stand in long queues to make any bank related transactions as they can be done simply by sitting at home.

We see the cases of theft and robbery rising day by day in our country, by using the online payments methods we need not to carry any money with us.

If technology was not impacting with banking sector then we can not use atm, online transaction facilities. In earlier days, records of customers are organized manually. The manual organization makes the process very difficult to implement. But in recent days we use Database Management System (DBMS) to organize files, storing data. We can also modify data as well as customer records. The process is very easy and it improves the quality. Now, it's very easy to making a transaction, updating money, issuing demand drafts, online payment NEFT etc. We can do online shopping by paying money from our bank account at home. That is why technology is required in the banking sector. Not only DBMS but also using so many technologies to make it simpler.

Hi friends. !

Technology is a boon for each and every sector either it be a banking or anyother sector. Through it we can send a huge amount of rupees from one account to another. In a bit of second, As Through this we can withdraw, send (Imps, Rtgs, Neft) net banking, Record etc. This all could be done in a bit if seconds. Through a secure way. But its disadvantage is that. Not all of the citizens are aware of this technology and another one is there are more chances of hacking means it is less secure.

According to me, technology plays an important role in the banking sector. The result of technology is that we can easily transfer money one place to another. We can be shopping online and pay money in some second. Nowadays there is no need to go the bank and stand in a long question. Technology brings a huge revolutionary but every aspect has a two side, good or bad like that it has also a bad aspect like hacking and fraud. India is a developing country and our a huge population are live in an urban area and they don't believe that e-banking is safe so I think we need some more time for changing the aspect of the people and I know after some time we will totally accept the digitalization in the banking sector.