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Ways Technology Revamps Banking

By CIOReview | Friday, April 30, 2021

Ways Technology Revamps BankingThe use of technology creates unique customer experiences around banking and helping banks respond to changes by innovating themselves.

FREMONT, CA: Banks were always regarded as a place with long queues and an unmanageable amount of paperwork. Today, the banking sector is undergoing a technological churn. The reasons are the changing customer expectations and improved technological capabilities. Use technology to create customer experiences around banking and financial services has forced the large banks to respond by innovating themselves drastically. Here are how technology is making the banking industry more efficient.

Banking Services at Finger Tip

Many customers will be able to relate to this because, in some way or the other, all of them are being impacted by technology. From ordering food or shopping, everything is only a tap away. People also do not need to carry cash in hand; they can just make a digital payment from their E-Wallet. Similarly, through net banking, one can transfer money from one account to another, order checkbooks, check the balance, make payments, create fixed deposits, and so on.

Reduced Errors

Previously, when banking was completely reliant on human accuracy and skill, errors were more apparent. As human abilities have a limit, they are prone to skip certain things or make calculation errors. With the introduction of technology, the frequency of errors has reduced. Also, another important perspective to this is that it can guard the data much more efficiently. Today’s technology offers complete security of the transactions and safety of the data that there are very rare occasions on which the data is misused.

Better Customer Experience

The traditional system of banking was extremely tiring and lengthy that resulted in poor customer experiences. This was because one had to stand in long queues, file many papers, and be physically present. The advent of net banking and mobile banking has mitigated the time people spend on banking-related tasks and has also ensured hassle-free customer service even from a remote location.

Improved Productivity

Banks are adopting Business Intelligence (BI) to increase the profitability in the industry. Business intelligence system offers data for historical, current, and future trends. This data helps the banks in a way that they can make accurate decisions and thereby can bring an overall increase in productivity, efficiency, and profitability.