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How Technology Has Changed the Face of Banking Industry?

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 the 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 paper work. Due to technological advancements in the banking sector, the need of labour and papers has reduced a lot.

Ways in which Technology is making the Banking Industry More Efficient

1. The World at your Fingertips

A lot of people will be able to relate to this, because in some way or the other, all of us are being effected by technology.From ordering food or shopping for clothes, everything is only a tap away. You also do not have the need to carry cash in hand, you can just make a digital payment from your E-Wallet. Similarly, through net banking, one is allowed to transfer money from one account to another, order for cheque books, check the balance, make payments, create Fixed Deposits, and so on.

2. Less Errors and Better Data Protection

In the olden days when banking was completely dependent on the human accuracy and skill, mistakes and errors were more apparent. As human capabilities have a limit, they are prone to skip certain things or make calculation errors. With the introduction of computers, the frequency of errors has reduced to almost nil. Also, another important perspective to this, is that it can protect the data much more efficiently. Today’s technology provides complete security of your transactions and safety of your data that there are very rare occasions on which the data is misused.

3. Better Customer Experience

The ancient system of banking was extremely tiring and lengthy that resulted in poor customer experiences. This was because one had to stand in long queues, file a lot of papers and be physically present. The advent of net banking and mobile banking has reduced the time you spend for banking related tasks and has also ensured hassle-free customer service even from a remote location.

4. 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.

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