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Impact of Technology on the Banking Sector



A decade back, it was tough to belief that banking sector will be at a finger tip. Now it is possible. A mobile hand set with a connection is the only instrument needed to make a gateway to your banking transaction, the latest innovation of technology.

Apart from the Mobile Banking, including of SMS Banking, Net Banking and ATMs are the major steps taken by the banks in India towards modernization. With all these devices and systems, there is a complete freedom to experience. Checking the account, transferring fund, making payments, like that every activities we can do with the help of technology, it helps to save the time. All these activities we used to do in physical banking since ages. But this times no standing for hours in front of cash counter and no time limit in withdrawing our own money.

Important developments in the banking sector are :

  • ATM
  • Internet banking
  • Mobile banking
  • SMS banking
Deposits and Bank Accounts
Fixed deposits