The Influence Of Technology In Banking Industry

Our grandparent would not have imagined that saving money would be this advanced today. The pace with which the world quickly moved from saving money in Boxes amazing. Gradually technology and the banking industry are becoming inseparable. With each passing day, the use of technology in the banking industry is been made perfect. The influence of technology is mostly a good one and we’ll discuss some few in this article.

 

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THE INFLUENCE OF TECHNOLOGY IN BANKING INDUSTRY

Technology have influenced even the tiniest operations of banks. From the registration of customers to daily bank transactions, applying for loans and even online banking.  Money can now be sent to other countries within minutes. Bank mails can be delivered via the internet.  You can open a bank account by yourself from the comfort of your home. The list goes on and on.

 

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Technology has also improved the security of the banking industry. Cyber attacks aimed at banks are mostly unsuccessful these days. Although banks are exposed to the internet they are now more secure thanks to technology.

Imagine going to the bank and the cashier would have to look through thousands of customers names to find you. Or imagine going to withdraw $700,000 and you have to manually count. With just your first name your details can be found in the bank’s computer system. Using the ATM you don’t have to count money manually.

How about queuing up in banking halls just to get your bank account statement. Now with internet banking, you don’t have to visit the bank. Just get your mobile phone, log into your account and download or print out your bank account statement.

 

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The banking industry have improved significantly over the years and technology is the heart of it all. have you heard of the recent offline banking. yes with just a short USSD code you can bank without internet. The interesting part of the tech and bank saga is that technology is still improving.

What more will technology offer the banking industry. Well we just have to wait and see how it turns out. When next you visit a bank, use the ATM or access your bank online always remember to say a silent “THANK YOU TECHNOLOGY“.