Essay on latest technologies in banking sector

Whether you consider this an opportunity or a threat, there are real problems on the horizon too. Aside from politics and regulation, there are some technological trends to watch out for in the banking sector in too, as banks continue to face competition from more nimble fintech startups and digital-native challenger banks. Here are some of the biggest technology trends we expect to see in UK banking in This will allow whitelisted third parties to access transaction-level data from customers once permission has been granted, and could cause a seismic shift in the industry.

Essay on latest technologies in banking sector

The economy of a country can function smoothly and without many hassles if the banking system backing it is not only flexible but also capable of meeting the new challenges posed by the technology and other external as well as internal factors.

The importance and role of information technology for achieving this benign objective cannot be undermined. There is an urgent need for not only technology up gradation but also its integration with the general way of functioning of banks to give them an edge in respect of services Essay on latest technologies in banking sector to the customers, better housekeeping, optimizing the use of funds and building up of management information system for decision making.

The technology has the potential to change methods of marketing, advertising, designing, pricing and distributing financial products and services and cost savings in the form of an electronic, self-service product-delivery channel. The technology holds the key to the future success of Indian Banks.

Essay on latest technologies in banking sector

The existence of Electronic banking also becomes inevitable due to the standards required to be matched at the international level. Thus, the domestic as well as the international standards mandates the adoption of Electronic banking at the earliest possible moment. This direction is being taken by the batiks to differentiate their services to the consumers to gain their loyalty.

The strategies adopted by the Indian banks to survive the increased competition are the focus of this study. Technology is enabling banks to provide the convenience of anytime-anywhere-banking.

Banks are now reengineering the way in which their services can be reached to their customers by bringing in flexibility in their "distribution channels". The earlier brick-and-monar branch is no longer sufficient; technology is now taking banks to the homes or offices, 24 hours a day, days a year through ATMs, phone banking and PC banking.

The financial supply chain is undergoing a fundamental strategic change What is Non-Branch-Banking?

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Traditionally, consumers could do their banking only by coming to the bank branch. The brick-and-mortar building of the bank branch defined the periphery of service delivery of banking products. The trend of Non-Branch-Service Delivery in banking started with the growing popularity of electronic payment services.

Then credit cards came. ATMs and smart cards were next in the evolutionary history. Gradually, with the advance of computing technology, telephone banking and Computer Telephony Integration CTI became a powerful medium of delivering banking services. The latest product is Electronic banking, where the technology and other issues are still under evolution.

These new technologies have broken the paradigm of branch banking. Customers, whether individual consumers or business corporate, are no longer required to go to the bank to do their business. It can be done from home, using the PC or the telephone, or at the shopping markets, using plastic money.

Some banks have now also started door to door delivery of services. As a result, it is now possible to order cash or demand drafts to be delivered at home.

These are the elements of the new flexible financial supply chain. This facility offers you to make payments to account holders of other banks in an efficient and fast manner. As against the physical clearing, where the cheques are cleared on presentment of the physical instrument at the clearing house, in EFT the transactions are settled electronically.

EFT also provides you with an opportunity to move your collections to an electronic platform, whereby you can instruct your Dealers to pay through EFT, thus reducing the time for realization of funds.

At present the electronic fund transfer facility is available in two modes and you can avail either of the following modes to transfer your funds: It is offered by computerized branches of certain banks. This is the normal electronic fund transfer facility offered by the banks. The end to end transaction can be done through our Corporate Electronic banking wherein the request can be submitted online, either as a single transaction or through a file uploads.Technological progress in the banking industry is also important because of the key roles of banks in providing financing, deposit, and payments services to other sectors of the economy.

We assess the effects of technological progress on productivity growth in the banking industry and on. The latest product is Electronic banking, where the technology and other issues are still under evolution.

These new technologies have broken the paradigm of branch banking.

Essay on latest technologies in banking sector

Customers, whether individual consumers or business corporate, are no longer required to go to the bank to do their business. Banking today is a flourishing industry, focused on technological innovation. Internet banking has emerged as the biggest focus area in the “Digital Transformation” agenda of banks.

In , Indian banks deployed technology-intensive solutions to increase revenue, enhance customer experience.

The benefits of technology in banking The banking industry is one that has always relied heavily on computerized records and the ability to access crucial information quickly and easily. However the benefits of technology in banking have become even more apparent in recent years, as phone, online and mobile banking has revolutionized the way we.

Home / Technology / The benefits of technology in banking The benefits of technology in banking The banking industry is one that has always relied heavily on computerized records and the ability to access crucial information quickly and easily.

Aside from politics and regulation, there are some technological trends to watch out for in the banking sector in too, as banks continue to face competition from more nimble fintech startups and digital-native challenger banks.

The Role of Technology in Banking Industry - Use of Technology