Technology in Banking Sector

It is a well-established fact that banks are the backbone of the Indian economy. In recent years, the banking industry has transformed with the help of technology. In general, banks were considered as a place with long queues and an unmanageable amount of paper work. Now with the help of technology, the need of labour and paper has been reduced a lot.

Impact of technology

The impact of technology in banking sector can be observed with Internet banking, mobile banking, ATM, debit and credit cards, and many more. In earlier days, if we want to check our account details, we have to rush to the respective bank and request one of the staff of the bank to check the available balance in our account. Now with the help of technology, we can check our account details in matter of seconds. 

Less errors

In earlier days, banks were completely dependent on human skills. As human skills have a limit, mistakes and errors were more apparent. After technology has been introduced, the frequency of errors has reduced to almost nil. Not only that, technology provides complete security and safety for all of your data and money transactions so that none of your data is misused.

Good Customer Service

The olden method of banking was extremely frustrating, and the process is also too lengthy, resulting in poor customer experiences. Now the introduction of net banking has reduced the time you spend for banking-related activities. Customers are happy to use net banking as they can easily pay their credit card bills, loan amounts, recharge their mobile, transfer the money to others, and many more. Chatbots are another great boon in the revolution of banking industry. Chatbots are automated chat programs that use artificial intelligence to provide effective customer service. Without the assistance of human being, customers are now able to get their complete transaction details online with the help of chatbots. Through chatbots, banks can understand the plight of customers and then offer additional services to customers.

Cost Cutting

For several years, banks have been using paper for transactions in the form of issuing cheque book or providing monthly bank statements. Owing to the innovations in the banking sector, technology helps the banking industry to go paperless, which really helps in cost cutting. Since transactions can be easily done online, customers are in no need to be physically present at the banks.  When every form of transaction is done through in an electronic way, it is convenient and cost cutting for both customers and banks.

Concluding Remarks

Technology is growing every single day. Innovations in the banking sector are on the rise. As days roll by, the banking industry along with technology is growing smarter every passing day. It is an undeniable fact that technology has created a whole new world of experience in the banking arena.  The world is ready to witness even more innovations that are yet to come. 

Comment here