How Technology has changed banking over the year.

 

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

When was the last time you actually walked to your bank physically and spoke to the teller? Several days ago or perhaps weeks right? Technology has had a very big effect on almost every area of our lives. From the way we work to how we associate with others or how we entertain ourselves, technology has altered almost everything.

Ever since the 18th century, the banking sector has been evolving, and it is known as one of the oldest businesses in the world. It has progressed and grown with every passing year. Although in recent years, the industry has transformed with the help of technology. Banks were always regarded as a place with long queues, and an unmanageable amount of paperwork. Due to technological advancements in the banking sector, the need for labor and papers has reduced a lot.

The banking sector hasn't been left out either; the impact has been profound and has affected every part of banking from the way banks operate through to how clients access different banking services. Gone are the days of standing in endless lines to deposit or cash a check. Information is also now transferred and stored in a much more convenient and efficient way.

 After the smartphone came along, it provided banks another way to offer products to customers. Indeed it paved the way for an entire new industry which offers consumers more services and a better customer experience than traditional banks.Traditional banks have been limited by regulations and stakeholders, unable to capitalise on the flexibility of the app ecosystem in the same way of companies. But if they don’t embrace industry-wide disruption and start offering connectivity and user experience consumers have come to expect.

The way we avoid stagnation is by progressing our thinking, developing IP to stay ahead of the curve and using technology to keep us progressive. So, the technology has changed our banking system at a great change over the years.

Business Intelligence to Drive Profitability

RBI has encouraged all the Indian Banks to adapt Business Intelligence (BI) to increase the overall profitability in the industry. Business intelligence system provides data for historical, current and future trends. This data aids the banks in a way that they are able to take accurate decisions and thereby can bring an overall increase in the productivity, efficiency and profitability.

The very own Bottom Line

Even though this move towards cloud computing looks set to continue, the biggest revolution could still be yet to come as some financial experts feel the sector hasn't reached its peak yet. Should this be the case then the next 5 or so years could turn out to be as exciting as the past 10 years, as technology continues to structure the way the banking sector operates. It will also be interesting to see which financial institutions will be flexible enough to keep up with the revolution pace.

After the smartphone came along, it provided banks another way to offer products to customers. Indeed it paved the way for an entire new industry which offers consumers more services and a better customer experience than traditional banks.Traditional banks have been limited by regulations and stakeholders, unable to capitalise on the flexibility of the app ecosystem in the same way of companies. But if they don’t embrace industry-wide disruption and start offering connectivity and user experience consumers have come to expect.

The way we avoid stagnation is by progressing our thinking, developing IP to stay ahead of the curve and using technology to keep us progressive. So, the technology has changed our banking system at a great change over the years.