Technology in Banking Sector

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Technology has continuously played an important role in the working of banking system and services provided by them. Previously there used to be long queue of customers in the bank and a-lot of paperwork to be done.

Technology has continuously played an important role in the working of banking system and services provided by them. Previously there used to be long queue of customers in the bank and a-lot of paperwork to be done. With the introduction of computers, the frequency of errors has almost reduced to null. Banks can now instantly help anybody with the help of technology called chatbots and can make important financial decisions, handle all complaints and concerns personally. They can also advertise and tell their products, handle customers feedback with great expertise. The answer to any of the query put up by the customer is replied immediately with electrifying speed. Artificial intelligence A.I and Advanced machine learning (AML) are predicted as the future of banking services.

Block chain technology helps in decentralising the banking services from the current central authority method to a prevalent network of computers, thereby enabling banks to enhance their payment and processing.

As the main business of banking sector is in dealing with money, security is an indispensable part of the entire banking sector so that no money is lost. Preventive Security measures have to be taken to prevent fraudulent activities by hackers and cyber criminals using multiple layers of security, analytics and many other security measures.

In today's world technology is set to play a major role in updating and reforming the banking services that banks provide today and will make working with the clients more easier and also more profit making for the service provider. Without adapting to new technologies banking sector of today cannot survive as without technology the banking sector will be paralysed. To monitor the working of banks and to keep them in healthy state, Reserve bank of india keeps watch over the nations banking sector.

With the use of technology banks can now open account to the customer digitally, banks also make P2P payments and can correspond with partner banks via video call and can also market their products. Video technology accelerates decision making and it improved productivity. Cloud apps and tools will become necessity. The use of technology will help banks to serve its customers more efficiently in a secure, reliable and affordable manner. Information technology has enabled sophisticated product development, better market infrastructure and also implement reliable techniques to control the risks involved and also to enter and reach diversified markets. ATM is a revolutionary mean of delivering services to customer by designing new delivery channels and payment systems by using technology.

As a result of success of ATM's, banks have introduced tele banking, call centres, Internet banking and mobile banking, credit card online, Insta alerts, online payment of excise service tax, phone banking, bill payment, shopping, ticket booking. These are some of the technology product used by banks to provide efficient and comfortable services to their clients . By availing all these services customers should also be aware of the danger of phishing on  their head if they are not alert enough of protecting their personal details from criminals. The cyber criminals have also started using technology to cheat through various electronic means by sending spam mails to customer informing them of some realistic problem and pushing them to log in to their account, so that the fraudster can record the login details and use the information to cheat the customer of his hard earned money

 

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