Banking has improved immensely with years. Today technological advancement in banking procedures is happening at a fast pace making it easier for people as well as the bank staff. Banking and money transfer is seeing the era of innovation and advancement which is not only helping the people but also improving the financial status of any country. Although technological literacy should accompany advancement in technology among people who frequently go through banking procedures, then only a state can say to be advancing.
What Are The Technologies That Are Used In Banking Today?
- Open Banking- customers will be connected with the service providers in an ecosystem, and these service providers will try their best to improve the client
- Progressive Banking- Adopting the cloud technology is progressive banking. Banks will take refuge of cloud computing for modulating the face of business.
- The introduction of Block chain – this will make the banks more efficient and fast moving, and they will be able to meet the demands of the customers. It is the introduction of the pilot network for remittances and trade finance.
- Usage of Artificial Intelligence- there will be the introduction of software robots which will deplete the response time of any bank making the process faster for customers. This will simplify money transfer especially foreign money transfers.
- Mobile banking- Banking has been made easy with the introduction of a mobile app for each Bank. Now customers do not need to visit Banks; they can access banks from their mobile This makes the money transfer process even faster.
Change in banking technology will affect the world economy immensely. People will get more and friendlier with banking systems, and they will access banks more. With increased involvement of people with banks, these financial institutions will develop. Nevertheless, development of financial institution means the development of the country.
Money Transfer Procedures
Money can be transferred from one account to another account only through access to banks. Earlier people used to physically travel to a nearby bank and transfer money following the procedures explained to them by bank officials. This was quite a lengthy process for both the bank staff and the person who is moving money. Not only this, after the completion of money it used to take a lot of time to reach the respective account especially when this money transfer took place across borders.
However, with the advancement of technology money transfer is made easy. Now the person who is transferring money does not have to stress much about it. They can transfer money with the click of a finger via their computers or mobiles. They do not have to travel to nearby banks physically. The person who is present at the receiving end also gets the money at a faster rate. The process has smoothened up a lot, and this is made possible with innovation and advancement in technology.
Era of Smart Phones and Online Banking
Online banking has become a popular term among the technology friendly people. They prefer online banking as it is a lot more convenient, comfortable and faster. Online banking is mostly done through smart phones and computers. You just require having the mobile app of the particular bank you are using, and that will solve your trouble. Online banking is changing the face of banking immensely in today’s times. Now money transfer using organizations like InstaRem, Moneygram, and Western Union can occur by just bumping your phone with the one who requires money. Such is the advancement in technology for sending money to Nepal, India, Bangladesh and many other countries.
Banking technology is improving every day and making our life easier. Banks require standing in a long queue and going through lengthy procedures which every individual loathes. Technology will enable you to stay away from banking hazards. So adopt the advancement in technology to stay happier and calmer.