Impacts of Technology on Banking Sector
The positive impact of technology on the banking sector:
Impact of technology on the banking sector; The biggest revolution that came in banks is conversion.
The banking method is quicker than before and a lot of reliable. However, Maintenance and retrieval of documents and records became a lot quicker and easier.
Computerized banking conjointly improves the core banking industry. Likewise, with CBS (core banking system) all branches have access to common centralized information and are interconnected.
With the innovation of the MICR cheque process system. The process of cheques becomes a lot of quickness and economical than before.
It offered a lot of transparency in transactions.
Technology conjointly ends up in competition among the banks that eventually provide higher services to folks.
With the introduction of mobile banking, one will access their bank from anywhere-anytime. Everything is one fast faucet away.
However, To facilitates higher services, Banks have introduced machine-driven Banking Services resolution. Like money Deposit Machines, Cheque Deposit machines, bankbook printers through this service became easier.
Technology has both positive and negative impacts on Banking.
The negative impact of technology on the banking sector:
The biggest negative impact of technology is the loss of Jobs as automation has replaced a variety of jobs in the banking sector.
Through technology comes the threat of Cyberattacks. Finally a loophole within the system, ample information may be lost within the blink of a watch.
The banking system in the Republic of India is apace progressing with an inflated client base. And thanks to fresh improved and innovative facilities offered by technology. Because the coin has 2 faces likewise technology conjointly has its 2 facets on the Indian banking sector. The positive and also the negative side. The risks are high, tho’ it may be decreased and Technology are the backbone of the Indian banking system in approaching time also.