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In What Ways Is Technology Changing the Face of Banking?

Essay by   •  July 16, 2012  •  Essay  •  325 Words (2 Pages)  •  1,029 Views

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In what ways is technology changing the face of banking?

The explosion of technology is changing the banking industry from paper and branch banking to digitization and core banking. Technology in banking has brought a new revolution in this era. Technology has transformed the branch banking environment into a better customer service and reduce work pressure on the back office. Technologies are getting more sophisticated and have given bank customers high expectations. Due to this advances in technology, banking products and services are more conveniently delivered, and provide a growth in volume of banking business, geographical spread of operations, quicker service, accuracy of data and improvements. Corporate from office and individuals from home are able to conduct their transactions via internet banking. With internet banking, the customer can access it with easy from anywhere in the world that has made possible to conduct some banking transaction from anywhere like making payments and transfer funds to third party, open new account, details of new account, details of account, credit card and home loan balanced. Nowadays, a big trend is that people are becoming used to doing complicated things such as buying airline tickets or filing tax returns online. People become more comfortable online in other areas of life, they also seem willing to do more of their banking on the internet. Technology provides the customer to choose the channels for doing transactions either through the ATMs or internet, and even through smart phone. Technology is also helping the banks to decrease the product development and testing lead time, enabling the the bank to launch new products and become innovative and agile such as providing solutions for wealth management, mobile banking, and treasury. Technology also provide for audit trace and logging information reassuring that has done the transaction at what time and also giving the transaction details like amount and location, and also offer historical information of the transactions and provide upgrade with every new transaction done.

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