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New Technologies in Banking Sector

Technologies in banking sector is changing its work procedure and serving more effectively. Get an idea on new technologies in banking sector.  

In olden days banks were functioning within the confinements of their offices. The customers have to physically visit the branches to carry out their transactions like depositing or withdrawing the money or to apply or pay the loans. Also, the customers were getting the updates about the new services etc. on their visit to the branches. Thus the earlier banking system was not versatile and could not serve the customers at their comfort.

The days have changed since then as the technological advancements have discovered the ways that could improve how customers transact and how the banks can communicate with them. The newspapers, magazines, outdoor advertisement campaigns etc. have paved a way for easy and quick communication with the customers. Banks have started utilizing them to the best advantage as, now, they could announce the launch of new products/services that could reach millions on the same day. The printing and advertising technology has improved the turn-around-time of the customers and allowed them to be better informed about the product/service in advance.

banking technology for small businesses

The ATMs (automatic teller machines) have revolutionized the withdrawal and deposit of the cash. As the ATMs can be operated round the clock, customers have benefited with easy withdrawals at a location that is near to them. ATM technology has saved not only time but also lives of many as people could withdraw money even at odd hours to meet medical emergencies.

Credit and debit cards that are empowered with swiping technology have further leveraged the transactional abilities. Having the security of PIN (Personal Identification Number), these cards have become quite popular with the banking customers. These cards have relieved the users from carrying large sums of cash thus reducing the threat of losing it. Similarly, the purchases or paying utility payments etc. too became simplified and customers could pay them by just swiping the card in a swiping machine.

The rise of software development and the ability to integrate various departments/functions have given the advantage of faster financial transactions. The ledges, folios and other financial records which were updated with painstakingly manual entries are being updated with minimal data entry and few clicks of mouse. Thus the ERP systems and Banking solutions have created a faster and efficient of way of banking.

Then came the internet which has modified the banking scenario altogether. With the internet becoming an inseparable part of daily life, banks have started thinking to go online and reach their customers faster. With the introduction of online transaction methods like E-shopping, online payment gateways etc. banking has become very simple. The further developments in the sector have made the customers to afford the latest tech with personal loans. Now, the customers can apply for any kind of loan by visiting the website of their banks. Also, the online EMI calculators, loan eligibility calculators etc. have empowered the customers to sit at home and do all the calculations on their own without any external help. Thus the internet technology has added the benefit of conducting banking transactions without visiting the bank.

There are plenty of other advantages that are being offered by the new banking technologies but the above five are the most important and highly influential technologies that have changed the way of banking.

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