Tech in Banking Sector

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Every person is very critical about one thing in life and that is his or her finances. The banking industry is a very significant component of the world. It is one of the key contributors to the economic development of a country. Through various products and services that it offers, the banks allow customers and consumers to enjoy various deposit and lending facilities at their secure and safe financial institution.

Like all other sectors of the world, the banking industry too has been affected by the tremendous advancement and progress in the technological field. In fact, the banking industry has employed many of the top trending technologies in their operations to make services for their clients better and superior.

The recent digital revolution in the business world has changed the way banks used to operate. BankingThe operations and services of a bank are faster and convenient than they were a decade ago. Serving their clients in all parts of the world, 24 hours a day, 7 days a week with minimum paper and physical documentation is the key competitive advantage of most of the big banks these days. All these value added services have only been possible through the development of new technologies like the internet, networking, smart devices and remote accessibility. Now the various branches of the banks are digitally interconnected at all points in time. Transactions that took days in the past can now be completed in a matter of minutes.

The banking sector has not just revolutionized its products and services through these emerging technologies but also their internal operations and functions. With latest sophisticated software and management programs, accounting and other related functions of the banks can be administered and run without any hassle with few professional specialists and lesser manual paperwork. Generation of large reports and graphical data can be done in seconds through a single click or tab.

Below are some of the ways technology has transformed the services and operations of the banks in the world:

  • ATMs:

Although this service has been in place for many years, it is through this technology that withdrawal of money has been possible without going to an actual bank branch. Some innovative ATMs also allow transfer of funds from one account to another as well as a deposit of money. These ATMs are linked together through a network of banks and branches.

  • E-banking:

There was a time when a person had to physically go to a bank and carry out any financial transactions through cheques and other physical instruments of monetary exchange. Now sitting in your home, you can carry out financial transactions on your computer with an online account. Transfers are possible without an ATM even. You can check your account balance, get account statements, pay bills and do many other online shopping transactions through this facility.

  • Mobile banking:

Another step further to the remote accessibility is through mobile banking. Most banks have now their own mobile apps which help to make financial transactions through smart devices and mobile phones. So whether you are anywhere in the world you can do your basic banking easily with an internet connection and online account.

  • Automated accounting systems:

In the old days, bankers used to maintain large ledgers and journals for recording the transactions of the customers and internal operations. But now through sophisticated accounting systems, everything is done through computers without any paper or documentation involved.

These were only some of the ways that emerging technologies have changed the way traditional banks used to work. Now services and operations are much faster, more efficient and highly automated.

Author Bio: This article has been written by Holly Mathew. She is the regular writer for Write My Assignment Cheap and also a former banker.

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