Dear, readers, here we are posting Essay, which can
be helpful in your preparation and also you can get idea how to write Essay in
Descriptive paper in SBI PO Exam.
Role of Technology In Banking Sector
Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide better services to them. Also, it helps them function in an organized and in a secure way.
As for us (the customers) we have ATMs, Cash deposit machines, online banking, mobile banking etc which are all fruits of technological advances which have made our banking experience much easier.
Technology has been a boon to many industries and especially to the banking industry. With the help of technology banks are able to reach out to more customers and provide better services to them. Also, it helps them function in an organized and in a secure way.
As for us (the customers) we have ATMs, Cash deposit machines, online banking, mobile banking etc which are all fruits of technological advances which have made our banking experience much easier.
The following points prove the importance of technology in banking
industry:
1. Mobile banking: Telephone or Mobile banking is a
service provided by a banks and financial institution where customer performs
their transaction, over the telephone. This technology facilitates to call the
bank and give order to a bank computer for carrying out of operation under your
account.
2. Automated Teller Machine: An automated teller
machine is a computerized device that provides access for financial transaction
in a public place. The customer can have access to his bank account to make
cash withdrawals and check balances. Apart from these functions ATM facilitates
to transfer money from one account to another and can request for a cheque
book.
3. Debit cards: A Debit card is a plastic card with a
magnetic strip that can be used by a consumer as a means of payment. Unlike a
credit card, there is no line of credit; the debit card is linked to the
account.
Funds charged to a debit card are directly deducted from the bank
account it is associated with. It is card that provides an alternative payment
method to cash for making purchases. It can also be called as electronic
cheque.
4. Internet Banking: Internet banking means conducting
financial transaction through a website. In Internet banking consumers have an
access to their account through a server. It provides various services like
online trading, online bill payment, shop online etc.
Conclusion: Emerging technologies have changed the
banking industry from paper and branch based banks to ”digitized and networked
banking services. Therefore we can conclude that "Technology has played a
big role in reducing fraud in banks which protects its clients".
