How is Technology Playing its Part in the Banking Industry?

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The financial and banking arena have embraced technology for serving clients better and faster. The advent of technology has changed the financial market and turned it into digitalized. These data internet comes at a cheap price and it becomes convenient enough to transfer data. This, in turn, changing the way the banks are serving their customers.

However, technology, irrespective of their kind, comes at a certain price. Even though implementing the technologies can be expensive, the perks that you get to enjoy are limitless.  Take a look at the different roles played by technology in the financial and banking industry.

E-Banking

With, the help of this, the bank will able to offer its services to all top-class customers. In order to make the banking system much more user-friendly for the customers, banks are known to use GUI or Graphical User Interface. Using this software, users can check on their banking details over the computer or phones. Moreover, they are also able to make a money transfer from one to the other and print the statements. Another technology which is used by the bank for exchanging data between the clients and the bank is known as EDI or Electronic Data Interchange. This is mainly for transmitting business transaction in a form that is readable over the computer. It means that the clients will be able to read the details carefully.

Rural Banking

Previously, banking was centralized in all urban area. However, these days with the help of technology, it is easy to set up banking facilities even in rural areas. For instance, in Africa, Mobile money banking option has been introduced. In such a case, the user from the rural area is going to have an account with the rural company and this can be opened without any cost. Thereafter, they can deposit the money in the account through an operating center of mobile. The users can withdraw the money at any time they want in that area. Also, the same system can be used for sending or receiving money.

Plastic Money

Smart cards like Visa Electron and credit cards are responsible for making the banking industry flexible. Using the credit card, you will be able to borrow a certain amount of money from the bank for purchasing thing and then pay the bill later. With this, you do not have to bear the problem of borrowing a small amount of money. Through smart cards, you will be able to pay for things by using the cards. The money is later deducted from the bank automatically. This card can also be used for withdrawing or depositing money into their accounts with the help of an ATM machine.

Self-Inquiry Facility

Rather than having customers lining up or making way to the help desk, a self-inquiry system has been introduced by banks. A customer will be able to use the ATM card to find out about their bank balance or to secure a bank statement. This will help in saving time on each side.

Signature Retrieval Facilities

Technology plays a significant role in limiting fraud in the banking sectors that protect the client. For instance, banks are known to use a technology that does a verification of the signature prior to the customer withdrawing a large amount of money from a particular account. This will reduce the risk of forgery to some extent.

Remote Banking

ATM machines have been installed by banks in different areas. This implies that the customers will not have to visit the main branch for making any kind of transaction. With this system, anytime banking has become possible. This is because the customers will be able to use the machines for depositing money in the account. It is a facility that has helped people from rural areas to work on their habit of saving money.

MetaTrader is also a result of technological advancement. It is a trading software used by Forex traders. It is easy to download and you will be able to experience several trading features and capabilities which aren’t available on any other platform. You will get everything that you need under one interface. With the top trading tools and analytical technologies, you can implement even complex strategies for trading.

Technology stock photo by everything possible/Shutterstock

The post How is Technology Playing its Part in the Banking Industry? appeared first on SmBizDaily.

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