How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today.

Technology, this word itself is enough to understand the logic behind using it, that’s Development. Technology has shown it's impact in every field but in banking sector it's tremendous. 
Where people use to stand in queues for hours just to post a check or get some money withdrawal, now you can do it in seconds from any part of the world. It's no more necessary to visit bank for every transaction you want to make. Magic!

From the introduction of ATMs, to internet banking via apps, to today's seemingly new online-only digital banks, technology is transforming the business models of banks.

Transformation


The process of digitalisation is not always obvious, and a number of factors are influencing how banks approach this – including the use of third-party platforms such as Paytm, Phone pay, etc. or whether they develop their own in-house stages for the customers. In contrast, the new “digital-native” banks have no legacy challenges and are better able to make use of emerging technologies such as automation and Artificial Intelligence (AI) and net banking.

The many regulations in force today are convincing banks to comply with requirements that are rooted in digital initiatives such as making all the procedures and services the bank has to offer online, effectively levelling the playing field. For example, data privacy regulations apply to financial institutions across the board, whether they have the most recent technology or are still paper-based and does not adapt new technology. 

Digital Transformation

Established and traditional banks have already started making use of more advanced technologies that their newer counterparts may not have, mainly because they have bigger budgets to invest and more customers to handle on a day to day basis.

Financial institutions are all working towards digitisation by bringing all the services on board using internet, and the differences between traditional and “digital” banks are not as easily identifiable as they were a few years ago.

Areas impacted are-

Customer service
This was the basic issue where if a customer faces some problem that a staff was present to handle the problems and guide the customer out of it. But now help desk at online banking websites has 24 hours helping team that can guide you whenever and from wherever you need.

Online banking
Transferring money to some other accounts to pay to someone else was a Hassel earlier but now you can transfer money even from one bank to another just using internet. You no more need to visit bank and fill hundred forms. Isn't it perfect?

Fraud Detection
If your account gets hacked for you lose your cards then you can block them online by banking websites. Also the response of the bank online is so fast and accurate that the culprit can be caught if any transaction is made using your details or cards.

Going cashless
Keeping master cards, credit cards and debit cards have solved the problem of carrying a large amount of cash as it was really unsafe and uncomfortable. You can pay using cards or even your phone by accessing banking websites and other platforms such as Paytm, Google pay, UPI, etc. This is easier and safer.

These are some ways in which the banking sector has evolved past some decades by making it easy and accessible anywhere and everywhere. 
Old school practices are not followed now and if you are thinking of starting net banking and feeling scared and nervous, I am saying it's all safe and secure. Hoping to see more such developments.