Use of technology in banking

   USE OF TECHNOLOGY IN BANKING 

All over the world banks are still struggling to find a technological solution to face the challenges of quickly changing environment of ICT. The new technological changes that have brought to banking sector are huge in their impact on officers, employees, and customers of banks. ICT has increased the extent of competition between the banks and made them to integrate the new technologies to compete and satisfy their customers. Technology was played a significant role in the development of the banking sector over the years. ATM cards, smart cards, Internet and mobile banking have changed the banking system widely.

      ATM stands for automatic teller machine. Typically, ATM is used to withdraw cash, deposit cash, transfer cash, pay bills and check account balance. ATMs are one of the most significant developments in technology because they give greater access for customers to their cash. These cash machines are available 24 hours a day and seven days a week. Customer no longer had to wait for hours in banks to obtain their money but could access their cash at what time they want using ATM cards. Something similar to credit or debit cards, but smart card has a microchip built in to it. The smart cards can be used to store data reliably and securely.

       In the rise of the web and mobile banking has made banking even more convenient for purchases.  There are websites of banks and banking apps for internet and mobile banking. Customers can check their account balance and pay bills online at home unlike ATMs. And also, customers can transfer money, see account summary, study their recent activities of the account etc.  Mobile or internet banking depends on the data or Wi-Fi connection. So, it is easy to access. 

       For a situation like COVID-19 pandemic, People stay at home and can’t go out because of the fear of spreading the virus. If there is no such technology like mobile banking, they can’t do banking to do their essential payments or transfer money etc.  So, we can overcome from those unexpected events by using those technologies.