Technology has changed the banking environment to serve its client’s effectively and efficiently and to do more with less. Emerging technologies have made banking sector more competitive today and banks reform themselves more digitized and networked banking services to meet the standards. It has changed the management system and accounting which was earlier a wholly paper based work has now in a computerized form. To meet the dynamics of fast changing markets, banks are going for latest technology updating and are changing the way of delivering services to their clients. Mobile banking, internet banking and other retail and corporate related services are provided by the banks to their customers for the services offered which are just a click away. The implementation of trending technologies has been expensive but the rewards which are gained are limitless.
There are many services which the banking sector provides and how the technology plays an important role in delivering those assistances:
- E-banking: Earlier money transfer was the physical process that is, people have to visit bank and deposit or transfer money in their respective accounts. But now the trend has changed and its on the hands of the customers. They just have to enter some details and they are just a click away to either transfer or avail other money related services.
- Plastic Money: Various cards are issued by banks such as credit cards, smart cards to pay money using them and the amount gets deducted from the account or the bills are paid later in case of credit cards. These are handy and less risky and an alternative method of cash payment for the purchases.
- ATM Machines: Automatic teller machines are opened for the cash facility available to the customers 24 hours a day. The card is issued by a bank to the customers and it is used in ATMs for cash dispensing from their accounts. Customers don’t need to go to banks for transactions instead they can go to any nearby ATM to withdraw money.
- Global Banking: Technology has brought globalization in banking sector and people are able to transact from anywhere at any time. Banks throughout the world make possible for the customers to share data easily and with convenience. Centralization of banking helps customers send and receive money globally without any obstacles.
- Customer-Care Facility: The banking sector provides 24 hours services to the customers by providing them self-enquiry systems on all banks. The customers don’t need to line up in the bank queue for getting information. They can also get access to it even on the holidays even when banks are closed.
These are some of the facilities provided by the banks for the customer satisfaction and flexible financial assistance. Changing trends led to the increment of the customers for availing these facilities. It is hoped that these developments will soon result in total digitization and technological scenarios of changing banking environment.