How is Technology impacting the Banking sector?

Today, Technology is playing a vital role of every sector. Banking sector also depending on various technology activities such as withdraw and credit money into ATM instead without need to visit the branches. It is a time consuming if money need on every time, we get a money from technology. All people using the advancement no need education, blind people also using biometric ATM it will also helping the way of increasing financial inclusion to visually impaired person. Poor people including the digital via small phone *99#. It is an advantages for all people but only drawback is reducing the employment.

Technology brought banking sector reaches every place in the country, and it is also helpful to financial inclusion. Nowadays time is most important factor in human life, so the technology brings less time consuming for banking activities like we don't need to go bank for services, we can transact in our mobiles easily.

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.

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.

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.

Talking about the impact of technology on the banking sector then according to me, technology is impacting the banking sector after demonetization. I mean before demonetization it was also impacting but at the slower rate. After demonetization, there is a sudden increase of the technology in the banking sector and many people adopted the digital way of buying and selling goods. Few people have cash at the time of demonetization and that's why they adopt the digital way of purchasing or selling goods.

Nowadays many people are aware of online digital payments like net banking and credit cards payments. Online methods are safe and you don't need to worry about your security as well. You can pay the bills from anywhere and at any time. As the internet connectivity increase, more and more people will connect to the digital world and hence, more and more people will choose the online way to make payments.

But with growing usage, online fraud cases are also increasing in the same way. Banking sector needs to create awareness among their users and should also improve the online mode security to reduce online fraud cases.

Technology adoption in the banking sector has both positive and negative impact.

Positive approaches, like it leads to the modern touch to the banking sectors, which is saving times by online transaction like mobile banking, online transaction etc.

But, at the same time, the unsecured technology may also leads to "ramson malware" where hackers may hack our account details and may lock our transactions.

Hello everyone.

So the topic is about how technology affecting Banking sector.

I would definitely say banking sector is affecting banking sector in a very positive way. Now with improved technology like IMPS, UPI cash getting transferred from one place to another in seconds without necessarily going to banks, standing in queues for hours to get their work done. Even those with simple mobile phones can get their work done through it by BHIM app. BHIM app again, created by NPCI to promote cashless transactions made it easier for people to carry on transactions online. Also unlike traditional banking, we can carry on online transactions 24*7. Under UPI various bank accounts of different branches are connected together which again makes it is easier for people in day to day banking. So in my view technology is improving Banking sector and in future, I believe it will definitely achieve the goal of PM Narendra Modi to go Cashless. Thank you.

Banking sector is one of the fastest growing sectors in India. Previously, banks used conventional methods to maintain ledgers and accounts. Also customers need to wait for a long time in queues to deposit and withdraw cash. But now technology has brought a major change in banking industry.

Due to digitalization, everything has made easy and people are making use of technology for cash transactions i.e. atms (automated teller machines) for cash withdrawals and cdms (cash deposit machines) for cash deposits. Not only this, private sector banks like kick banks are using robotic technology to improve customer service. After demonetisation, everything has made online and we can open and maintain bank accounts without going to a bank branch. Recently, kotak mahindra bank has launched 8-11 app that a person can open account by using this app simply entering their aadhaar and pan numbers.

China is the first country to install face recognition atm which enables the user to withdraw cash without entering any details like pin number etc. Our central government had launched upi (unified payments interface) and bhim (Bharat interface for money) apps to encourage people for digital transactions.

We can say that, technology has made a major impact on the banking sector.

Hi, Myself Shivani Jha.

A/c to me, technology really impact the banking sector because nowadays most of the work is done on home online no need to go to the bank and stand 3-4 hours in a crew.