How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed

the way banking is done today.

Ever since the 18th century, the banking  sector has been evolving,and it is known as one of the oldest businesses in the world. 

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

Through net banking, one is allowed to transfer money from one account to another, order for cheques books, check the balance, make payments, create Fixed deposites and so on

 

2. Less errors and better data protection

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 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.

4.Business intelligence to drive profitability

This data aids the banks in a way that they are able to take accurate decisions.

Although in the recent years, the industry has transformed with help of technology. As innvotion enhances, financial institution can offer better service and more accommodation for its clients.

While technology has given us more control over our financial lives.

Banks are investing heavily in digital banking technology.

Artificial intelligence solutions, such as chatbots, often assist customers in simple tasks such a making payments.