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Role of Technology In Banking Sector
Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide better services to them. Also, it helps them function in an organized and in a secure way.
As for us (the customers) we have ATMs, Cash deposit machines, online banking, mobile banking etc which are all fruits of technological advances which have made our banking experience much easier.
Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide better services to them. Also, it helps them function in an organized and in a secure way.
As for us (the customers) we have ATMs, Cash deposit machines, online banking, mobile banking etc which are all fruits of technological advances which have made our banking experience much easier.
The following points prove the
importance of technology in banking industry:
1.
Mobile banking:
Telephone or Mobile banking is a service provided by a banks and financial
institution where customer performs their transaction, over the telephone. This
technology facilitates to call the bank and give order to a bank computer for
carrying out of operation under your account.
2.
Automated Teller Machine:
An automated teller machine is a computerized device that provides access for
financial transaction in a public place. The customer can have access to his
bank account to make cash withdrawals and check balances. Apart from these
functions ATM facilitates to transfer money from one account to another and can
request for a cheque book.
3.
Debit cards: A Debit
card is a plastic card with a magnetic strip that can be used by a consumer as
a means of payment. Unlike a credit card, there is no line of credit; the debit
card is linked to the account.
Funds charged to a debit card are
directly deducted from the bank account it is associated with. It is card that
provides an alternative payment method to cash for making purchases. It can
also be called as electronic cheque.
4.
Internet Banking:
Internet banking means conducting financial transaction through a website. In
Internet banking consumers have an access to their account through a server. It
provides various services like online trading, online bill payment, shop online
etc.
Conclusion: Emerging technologies have changed
the banking industry from paper and branch based banks to ”digitized and
networked banking services. Therefore we can conclude that "Technology has played a big role in reducing fraud
in banks which protects its clients".
