Growing Use of Technology in Banking System
Technology is now emerging as lifeline in management and conduct of whole range of affairs in banking sector from seeking information to transactions of money online and through mobile in real time. The ease and comfort with which we have been transacting our business through banking system revolutionized the whole environment giving rise to such phenomena as home banking, mobile banking and online banking. Look at how digital banking system is getting popular with the masses as more and more customers are opting for the technology because digital mode of banking offers spectrum of choices to customers at their disposal. It has converted vast organizations of banks scattered and situated in far off locations into a compact well-knit system. The approach is totally oriented towards customers with starting point of a digital bank operation being IP-enabled at its core, offer customer service of their choice through access of their choice.
Now transfer of fund from one account to another can easily take place just through keypad of your mobile with the precision that has been unimagined in recent past. The growing phenomenon of digital banking is basically an idea wherein we have digital core infrastructure consistent with enterprise wide, cleansed data store which could be accessed internally as well as externally through strata of access layers.
The access to your account both in physical and digital form is what constitutes axis around which the whole concept of digital banking rotates.To put it simply, when a customer calls the contact center, visits the branch, or touches the bank’s mortgage offers via a Google search engine, bank, in possession of credible digital core, is aware and keeps track of all his enquiries, activities, access points and accordingly responds then and there. The human contact or touch point in digital banking system is live round the clock which may be streamlined through mobile telephony or face to face through video link. What further encourages and motivates customers to become part of this new system are the added advantages which it carries without any fuss. The information about any customer or Know Your Customers norms is automatically saved in database in digitally guided system, with bank being free to leverage data as competitive differentiation with an objective to have single view of the customer.
To conclude, for customers digital banking system means five important activities. First, self-inquiry facility, that is logging into specified self-inquiry terminals at the branch to know about the transactions; second, remote banking that is, to connect to the respective branch through a modem, and make inquiry about his account online without any movement from his location; third, ATMs technology of anytime banking- anywhere banking which offers a host of services such as uninterrupted cash withdrawal, remittances and inquiry facilities.; fourth,tele-banking providing facilities of inquiries about balances and transactions through telephonic contact and finally, the modern electronic banking- a revolutionary and mind blowing development in banking sector which day by day is expanding its horizon with more momentous technologies being introduced in the system which include: provision of graphical user interface software on a pc, to customers to inquire about their transactions and accounts, cash transfers and cheque book issue etc. – all without any visit to the bank. So, we can say that the miracles are unending.