Technology trends in bankingPosted by Isharose on March 7th, 2018
In the introduction of latest technologies have led to significant changes in banking sector and branch banking started to lose ground to virtual banking as the use of remote banking services increased. It has changed the accounting and management system of all banks now.
Technology in the banking industry provide lot of facilities like E-banking, Mobile banking , Remote banking, Plastic money etc. E-banking provide the bank to deliver its services easily to its high end customers that makes the system user friendly to all customers. Customers can access their bank details on their own computers and make money transfers from one account to another account easily and obtain information on financial products and services through a public or private network, including the Internet. Mobile banking allows bank customers to conduct different financial transactions through a mobile device. Mobile banking relies on WAP (Wireless Application Protocol) technologies since a mobile device requires a WAP browser installed in order to allow access to information.
The improvement of e-banking and its increased use by consumer worldwide, banks have set up security systems to ensure that transactions conducted online are protected from internet security threats. Technology introduce many more trends in banking sector like Open Banking, Artificial Intelligence (AI), IoT etc. There are many applications like paytm which is very secure application, because before every transaction they ask a secret password and OTP. Through the technology we can get every detail of transaction. There are lot of technology products in banking sector like Net Banking, Credit Card Online, One View, InstaAlerts, Mobile Banking, Net Safe, e-Monies Electronic Fund Transfer, Shopping, Phone Banking, Bill Payment, Online Payment of Excise & Service Tax etc. So technology in banking is a good development we can do all transaction in min or sec.
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