How technology has changed banking over the years

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E-banking, online banking, net banking, etc. have completely changed the way banking is done today.


On the 10 years since, the Indian banking sector has transformed drastically. Private banks have firmed up their roots and now their share has increased to 31% from 23% in 2008. ... In 2008, largely it was only the banking sector that was providing credit. The financial markets are deeper now.

The major growth drivers are increase in retail credit demand, proliferation of ATMs and debit-cards, decreasing NPAs due to Securitization, improved macroeconomic conditions, diversification, interest rate spreads, and regulatory and policy changes.

The importance of banking system The banking sector was always deemed to be one of the most vital sectors for the economy to be able to function. Its importance as the “lifeblood” of economic activity, in collecting deposits and providing credits to states and people, households and businesses is undisputable.

There are the ways technology has changed banking.

1.     Online Banking:

Today you can easily move money by simply entering in your account details online to get to your bank account and after that making the transfer. This enables you to easily & quickly transfer, oversee or check your money from virtually anywhere.

Some applications also have voice recognition capacities where a user can simply speak into the mobile device and it does what he or she needed.Online banking app has truly made it possible for individuals to get to access banking services from anywhere in the world simply and suitably.

2.     Customer Safety and Security:

Innovation has made banking much more secure than before. Few years back, a man's account could be compromised and they would not even know until they received their monthly statement. Presently, creative innovation can quickly get apprehensive activities and questions the transaction. This financial innovation helps to prevent identity theft and keeps the headache that comes when a criminal exhausts your account.

3.     ATM Machines:

Would you be able to envision life without ATMs to dispense your cash on the spot at whatever point you require it? ATMs have made life easier for almost everybody as they can be discovered anywhere: from bars to film theaters, hotels, supermarkets and more.

4.     Financial Integration:

Expanded online activity in the banking sector has also attracted the consideration of different players that are not in the banking sector. Numerous institutions now give diverse banking service, for example, pay-day loans, prepaid credit cards, check cashing services and business loans for an expense.

5.      24-Hour Access:

Online banking servicesenable customers to get to banking services for the duration of the day, a week. You can easily sign in to your bank's site whenever of the day and perform any transaction. This provides individuals with the comfort of conducting business on holidays and ends of the week when banks are shut.

6.     One quick tap and you are done:

Google Wallet is currently a standout amongst the most prominent in the world, enabling clients to store debit, credit, loyalty gift and store cards on their smart phones.  

7.     Easy Transfers:

Going out to eat or planning a trip with companions used to be exceptionally stressful because of the hassles involved in paying each other back or part the checks. Innovation has now for all intents and purposes dispensed with the need to owe somebody cash since it's possible to send cash in a flash. There are plenty of various applications to look over to transfer cash and majority of them are free to utilize. Family & friends can transfer cash with the simple push of a button, so it's not any more important to wait for a check in the mail or pay somebody back.

 




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