How is Technology impacting the Banking sector?

Nowadays, technology has been taking place in backing sectors, with advanced technology withdrawal and deposit easier. Today, due to busy schedules, people can not visit banks, with the help of technology like ATMs and online transfers can save time. And also, can be eliminated long queues in the bank.

Olden days we used stand on big lines to get money or to deposit. But the technology changing in a very big way.

On the positive side, there is drastic impact like we can transfer funds quickly, check balance, ECS services and many other services through internet banking and mobile banking. On the other hand, we can fear about the security of our money.

Technology very first growing in the world new technology new fetuses it is good. But we are forgetting village area. New technology did not reach villages are. First thing reached villages area everyone used urban area. Villages people do not use in our country. How to operate technology. Banking sector technology are very important now a day don't have a time, so transacting system easy to proceed net banking mobile banking easy to transaction account to account.

Hello to all.

As we seen around us due to technology in banking sector, the banking sector growing faster. So technology is best for banking and have lots of positive impact by technology in the banking sector.

Due to technology, transactions are fast. Complicated calculations solve within a seconds. And most important thing is that accuracy and handling of thousands of accounts are possible. And it is impossible to handle this large number of account with bounded time. As well as if we talk about the accuracy. Due to technology in banking sector the accuracy and transparency is also increased. So today we need technology in banking sector. And this is all the positive impact in the banking sector. Thank you.

Yes, Due to the impact of technology, people became educated, they became curious in learning things, the people become more alert about the crimes, presently demonetisation gave a good direction about level of crimes occurring in our country. These things make people take tough decisions in their pursuits. Sooner or Later, there is a chance of achieving 100% literacy rate in India. This makes individuals coming with new ideas with a better approach to a problem. In a recent issue, an economist stated that "India's democracy, confers long-term benefits. India can change the government without a revolution. In the long run that may offer a better guarantee for that business crave".

Through technology there are various changes takes place in banking sector are-

Data becomes secure.

Easy access of information.

Payments become easy by the use of plastic money.

Money can be easily transferred from one person to another person, from bank to another bank.

Technology in banking sector has helped bank employees in working and had lower the overload for eg passbook entry machine, note counter machine, ATMs, net banking, mobile banking, card swiping machines, maintaining databases to store data of customers and bank details as well this reduced much much workload of employees and also easier for customer as now they don't have to stand in queue for a long time just to make an entry in pass or to withdraw cash from their accounts. So, technology is helping customers as well as employees. But as we know everything has advantages and disadvantages both in the same way these technologies too have disadvantages, as many times these machines stop working, sometimes there display and touch is not working sometimes there keys are damaged so it creates trouble for customers. If we talk about online transactions so many times intruders unethically thieve money during online transaction either by stealing ATM pins, net banking passwords and many more tricks so it is problematic for customers.

Hi.

Yes, of course technology plays in important and crucial role in banking sector. We seen that due to technology development we do not need to go bank for credit or debit and no need to stand in long question for several hours. This same we can do in our home just by using net banking apps within few minutes in our mobile or in system. But also their is some risk of hacker or some outside unathenticated parties who are very smart enough then our software engineer can swipe money from anyone account or whole money from bank within a fraction of seconds. So security should be very tight in any technology. Thanks.

Nowadays, banking sector is mulling to bring automation for better productivity and efficient delivery of services by the banks. Several banks like HDFC, UBI have come up with their humanoid robot, Era of HDFC and Lakshmi of UBI. Banking sector have come up with lots of payment platform like HDFC payzapp, Canara bank empower and Govt has recently launched BHIM app which is an aadhaar based upi payment app. Government is giving greater push to digital transaction after demonetization, it has set the target of 2500 crore cashless transaction by 2018. So these are the smaller leap towards a bigger goal.

Technology is impacting the banking sector in a positive way. It has reduced the distance bw bank and its customer to a great extent and now people in rural areas are also using the banking products which are earlier can not be provided to them through any self help group (SHG) or any small branch.

Technology will help in achieving the goal of financial inclusion at faster pace and in a efficient manner. Technology reduced the cost of banking services and increase the competition in the banking sector through various digital platforms.