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How technology can benefit banking industry
Banking was conventionally something that was done in the non-virtual world. People would go to their bank to withdraw money, transfer funds from one place to another, check their balances etc. One would speak to bank officers and interact with them in bank premises but with the advent of technology such things are becoming redundant. Technology has given way to online banking where on the click of button one can do any sort of transaction by himself.
Technology has introduced us with ATM machines , mobile applications and online banking facility on bank websites. It allows us to withdraw money and make payment of bills without any fuss. It has reduced the physical visits to banks. There is no need to carry a huge amount of sum in pockets as plastic money such as credit cards and debit cards have taken the job of making payments. The applications like- paytm , phonepe etc are also being used in making payments. With the use of Magnetic Ink – the MICR Cheque Processing System has been developed and strategically implemented. This technology revolutionizes the cheque clearing process from over the counter to a more systematic procedure which is fast and efficient. The availability of loan has also developed with the development of technology and one can now avail loan within seconds.
The banking sector has entwined the use of technology to serve the users faster and also to do more in less time. Emerging technologies have changed the banking industry from paper and branch based banks to digitalized banking services. Since the internet has become affordable , the transfer of data is easy. This has also affected accounting and management system of all banks. However , technology comes at a cost and its implementation is expensive but the rewards are limitless.
In a nutshell, the technology today is enabling the society . The facilities gained by the employees and the consumers are immense. Banking is one such sector that has imbibed the complete benefits to the core.