How technology has changed banking over the years

 E-banking, online banking, net banking, etc. have completely changed the way banking is done today.

How Technology Has Changed the Face of Banking Industry?

Technology has changed - and is still changing - many industries, but none more so than financial services. From the introduction of ATMs, to internet banking via apps, to today's seemingly new online-only digital banks, technology is transforming the business models of banks.

5 Ways technology has changed banking industry

Ways that Technology has Changed Banking - Bank Clip

1. Online Banking :- Today you can easily move money by simply entering in your account details online to get to your bank account and after that making the transfer. This enables you to easily & quickly transfer, oversee or check your money from virtually anywhere.Online banking application has truly made it possible for individuals to get to access banking services from anywhere in the world simply and suitably.

2. Customer Safety and Security :- Innovation has made banking much more secure than before. Few years back, a man's account could be compromised and they would not even know until they received their monthly statement. Presently, creative innovation can quickly get apprehensive activities and questions the transaction. This financial innovation helps to prevent identity theft and keeps the headache that comes when a criminal exhausts your account.

3. 24-Hour Access :- Online banking services enable customers to get to banking services for the duration of the day, a week. You can easily sign in to your bank's site whenever of the day and perform any transaction. This provides individuals with the comfort of conducting business on holidays and ends of the week when banks are shut.

4. Easy Transfers :- It's possible to send cash in a flash. There are plenty of various applications to look over to transfer cash and majority of them are free to utilize. Family & friends can transfer cash with the simple push of a button, so it's not any more important to wait for a check in the mail or pay somebody back.

5. Monitoring Of Activity :- The last 5 years has seen a considerable increase in the numbers of bankers being arrested and punished for illegal practices. This includes incidents like the libor fixing scandal or insider trading, many of which would not have been picked up without the increased use of digital technology.This means that if a payment over a certain amount or a result that seems strange appears on a bank’s system, then it will automatically be flagged. This helps with keeping illegal activities within the industry banking in check.

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