The technologies have changed the banking industry from paper and branched based banks to digitized and networked banking services. It changed the accounting and management system of all banks. All the way the technology giving rewards are limitless. The development of technology in banking sector are listed below:
E- Banking- The use of Graphical User Interface (GUI) with software made the banking process faster and services can be delivered easily to the high end customers. Also Electronic Data Interchange is the software which can be used to transmit business transaction in a computer readable form.
Plastic money- Credit cards, Debit cards and Gift cards have made the banking industry more flexible than before. The customer can pay for any thing using the cards, in this case they do not have to go through the hassle of borrowing small money.
Rural banking- Mobile banking facilities is the boon for rural areas. People can deposit money on the account made by mobile company or banks which is opened for free. This money can withdrawn anytime anywhere comfortably. The earliest mobile banking services used SMS, a service known as SMS banking which further developed into mobile application as smartphones got introduced.
Their are so many other uses of technology in the banking sector, such as self inquiry facility, remote banking, signature retrieval facilities, multilingual ATM's,multi-functional ATM's, Bio-metrics etc. Technology has became essential part of the business of banking. It is difficult to consider one without the other. Also for the banks it is now becoming easier to fulfill the customer needs. The technological growth played a vital role in the transformation of banking sector in terms of its transactions processing as well as for various other internal systems and processes by virtue of which day to day operations in banking has evolved substantially over the years.
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