Essay On Latest Technologies In Banking Sector

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Role of Technology In Banking Sector

Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide better services to them. Also, it helps them function in an organized and in a secure way. 


As for us (the customers) we have ATMs, Cash deposit machines, online banking, mobile banking etc which are all fruits of technological advances which have made our banking experience much easier.

The following points prove the importance of technology in banking industry:

1. Mobile banking: Telephone or Mobile banking is a service provided by a banks and financial institution where customer performs their transaction, over the telephone. This technology facilitates to call the bank and give order to a bank computer for carrying out of operation under your account.

2. Automated Teller Machine: An automated teller machine is a computerized device that provides access for financial transaction in a public place. The customer can have access to his bank account to make cash withdrawals and check balances. Apart from these functions ATM facilitates to transfer money from one account to another and can request for a cheque book.

3. Debit cards: A Debit card is a plastic card with a magnetic strip that can be used by a consumer as a means of payment. Unlike a credit card, there is no line of credit; the debit card is linked to the account.

Funds charged to a debit card are directly deducted from the bank account it is associated with. It is card that provides an alternative payment method to cash for making purchases. It can also be called as electronic cheque.

4. Internet Banking: Internet banking means conducting financial transaction through a website. In Internet banking consumers have an access to their account through a server. It provides various services like online trading, online bill payment, shop online etc.

Conclusion: Emerging technologies have changed the banking industry from paper and branch based banks to ”digitized and networked banking services. Therefore we can conclude that "Technology has played a big role in reducing fraud in banks which protects its clients".

Essay about Technology is Necessary for the Banking Industry

2275 Words10 Pages

INTRODUCTION
Background of the Study

In everyday lives, people are influencing by new invented technologies, which they used as one of their communicating tools. Banks are already been adopted and utilized in such as internet and mobile technologies. They used them as one of their financial services in order to cater the needs of their customer in an easy and accessible ways. A fact, that part of the growing economic condition of the country, technologies gives the big role in making banks more productive. Without technology system, they cannot operate some of their transactions as fast as possible. Mobile Financial Services is developing by using mobile phone. It consist two commonly categories such as mobile banking services and…show more content…

INTRODUCTION
Background of the Study

In everyday lives, people are influencing by new invented technologies, which they used as one of their communicating tools. Banks are already been adopted and utilized in such as internet and mobile technologies. They used them as one of their financial services in order to cater the needs of their customer in an easy and accessible ways. A fact, that part of the growing economic condition of the country, technologies gives the big role in making banks more productive. Without technology system, they cannot operate some of their transactions as fast as possible. Mobile Financial Services is developing by using mobile phone. It consist two commonly categories such as mobile banking services and mobile payment services. Through these two categories, bank’s customers easily connected with their designated accounts to check by using their mobile devices and of course to respond immediately the needs and wants of both parties. Mobile Financial services created and well invented in a sense of the fastest growth of the population. Mobile phone or a cellular phone considered one of the basic needs in people lives.
“According to Ang (2011) approximately 72 percent of the population or 2.5 billion of the adults is non-banked which means they have no access to financial services. In addition, closely 2.5 billion people in most countries have their mobile phones. Possibly, up to 2 billion mobile phone users are not fiscally involved and it

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