How Technology affects Indian Banking Sector?

Since the liberalization of the Indian economy, the one sector in the country that has seen most of the changes taking place is the banking sector of the country. The ledgers have been replaced with computers, long queues have been replaced with online banking from the comfort of your home, cheques and withdrawals have been replaced by ATM cards. Banking sector has seen a number of changes in the last two decades. The changes have made banking services more accessible and easily available to the customers. Let us find out how technology has changed the way banking is seen now from the way it used to be seen two decades ago.

Technology and Banking: The Combo that Worked

The introduction of technology has brought sea changes in the banking sector in the last few years, making banking services very easy to access even for the people from remote places of the country.

• Core Banking Solution (CBS): This is at the heart of all the changes that have taken place in the recent years in the banking sector. It has made banking more localized since an account holder from Kolkata can now access banking services from a branch of the same bank in Delhi without any hassle.
• ATM Revolution: You do not have to depend on banking hours only to withdraw or deposit money in your account. You have the option of using ATM services provided by the banks that is available 24*7*365. So, you can make transactions at your own sweet time now.
• Mobile Banking: Everybody has a mobile phone these days but mobile phones have not been restricted to sending messages and talking only. It has become a tool for myriads of banking services that can be accessed through mobile banking which virtually gives you the freedom to do banking on the move, anywhere and everywhere.
• Internet Banking: Now that internet has become a household thing, just a click of your mouse can transfer your money to anywhere in the world you want it to be sent. A host of services is available via internet banking as it gives you the freedom to do banking from the comfortable boundary of your home.
• Online Loan Processing: Now you do not even need to go to your bank in order to secure a loan. Most of the banks have come out with the facility under which you can apply for a loan from home only and all the formalities will be done after which your loan will be disbursed within minimum time limit.
• An Umbrella for all Financial Services: With the advent of technology, banks have become the umbrella organization where all kinds of financial services can be accessed. This has made life easier for the customers as they can invest in a host of financial products such as mutual funds, insurance products, wealth management services, depository services and lot more.

Technology has been a boon to the banking sector without any doubt. It has made banking easier and more accessible to the mass of the country. It has become an important tool for financial inclusion drive that is in force in the country now. In the near future, banking is expected to be more technology-oriented with the minimal possible human intervention. Technology is future of banking and that is why, we can safely assume that banking is in safe hands of TECHNOLOGY