How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today. Banking is one of the world’s oldest businesses. It has been with us in one form or another since the merchants of Ancient Babylon started offering grain loans to farmers who needed to transport goods between towns.

5 ways technology has changed banking forever:

1. No more queuing


If you are over the age of 30, you have probably spent hours in interminable bank queues over lunchtimes or on a Saturday mornings, to withdraw money or pay in a cheque. Banks have given new opportunities for their customers to help their. customers. It's possible to do everything online, from simple transactions to complicated issues such as applying for a mortgage. 

2. One quick tap and you’re done

Although mobile first issued con-tactless cards for customers to use at their petrol stations in the US as early as 1997, the very first con-tactless cards associated with banks were given out by Barclay card in 2008.  By 2011, mobile technology had merged with con-tactless, and the first wave of apps that allowed their owners to pay by tapping the phone against the terminal were born.

3. Cyber security and data protection

A decidedly inadequate collection of statutes currently governs cyber security and data protection in India.Also under this Act, every Indian citizen was to be issued with a national identity card called the Aadhar card with a unique identification number similar to social security numbers in the United States.

4. A different sort of customer service

Our country has unique relationship with customers. In the early 1900's, Western retailers began saying “The customer is always right”, to show dedication to customer service.The Japanese, they use the phrase “The customer is god”, meaning that every action you perform it should serve and honor the customer. In India, boss is always right and the guest is god. The customer is always there.

5. More competition and bigger challengers

One of the biggest change to happen to the banking sector is the opening up of competition to some of the processes that there were only ever available in-bank before. Take Transfer wise, which can save you on the fee your bank would charge you for an international money transfer, as an example. It will be the interesting to see how banking evolves in the future, and which institutions will be flexible and nimble enough to keep up with the demands of today’s society. What those demands will be the and what banking will look like in five or ten years time is an exciting proposition.

Comments

Post a Comment

Popular posts from this blog

Love Marriage vs. Arranged Marriage

Relationships guidance may be required in both the marriages. But which one is better? Let's find out.   Marriage is a   understandings between a man and a woman. Marriage is a legal contract between two persons that leads to relationship. Nowadays, one can hear about love marriage and arrange marriages, which have some differences  between them. Unlike arranged marriages, love marriages are more common in the Western areas of the World.  what entirely is an arranged marriage and love marriage?  An arranged marriage is marriage which is arranged by our parents or relatives other than those who are getting married. On the other hand, a love marriage is a marriage which is arranged by the man and women themselves. In arranged marriages, the couples has to consent with their parents. On the other hand, in most of the love marriages, the man and women will not need the consent of the parents, or elders. In arranged marriages, t...
Read more

MONETARY POLICY

Image
          The monetary policy is formulated by the central bank, i.e., RBI (Reserve Bank of India)      and relates to the monetary matters of the country. The policy involves measures taken to regulate the supply of money, availability, and cost of credit in the economy. The policy also oversees distribution of credit among users as well as the borrowing and lending rates of interest. In a developing country like India, the monetary policy is significant in the promotion of economic growth. The various instruments of monetary policy include variations in bank rates, other interest rates, selective credit controls, supply of currency, variations in reserve requirements and open market operations.  Objectives of Monetary Policy the main objective of the monetary policy is economic growth as well as price and exchange rate stability, there are other aspects that it can help with as well. Promotion of saving and investment:  the monetary po...
Read more

A GUIDE TO ROCKY MOUNTAIN VACATIONS

Image
 The majestic Rocky Mountains are a major tourist location in the western United States. Visitors can participate in a quantity of activities, including hiking, skiing, snowboarding, mountain biking, & plenty of more. The Rockies are home to several campgrounds, ghost towns, gold prospecting sites, & national parks. a quantity of the biggest tourist attractions in the Rockies are Pike’s Peak & Royal Gorge. There are several world famous national parks in the Rockies, including Yellowstone, Rocky Mountain, Grand Teton, & Glacier. The legendary Rocky Mountains stretch from old Mexico up through the United States & into Canada. The Rocky Mountains are over 3000 miles long, spanning parts of California, Colorado, Idaho, Montana, & Wyoming before continuing into Canada. Stories of early adventurers like Lewis & Clark exploring the Rocky Mountains are legendary. about everyone will find something to enjoy on a Rocky Mountain holiday. Aside from all of the grea...
Read more