Question

How has technology changed the banking industry?

Answer 1

Banks were considered to be place with long queues and involved lot of paper work but due to technological changes in the banking industry, the labor requirement and paper has reduced a lot. There are many ways by which banking industry is efficient due to technological changes

1. Less errors and better data protection - In old times, when banking work was dependent on the human skills, errors were more apparent. With the introduction of computers, the errors has reduced to almost zero. Another important point is it can protect the data more efficiently. Technology provide complete security of the transactions and safety of the data so that the data cannot be misused.

2. Less customers to bank location - Due to rise of online banking, on-site customers has reduced because most of the customers prefer to transact online at their convenience.

3. World At fingertip - All of us are directly or indirectly being effected by technology. From ordering food or shopping, everything is just click away. They do not need to carry cash, just making a digital payment from E-wallet. Similarly, using net banking one is allowed to transfer money from one account to another.