Even those that hate technology can see the impact of technology in the banking system. Banks are really investing so much in technology these days. I heard there was a bank planning to implement cryptocurrency, in order to follow the world trends. The advantages of the technological improvements in the banking system are too numerous to mention. So we will just be considering a few that affect many of us.
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Improved Customer Service & Security
With the help of technology, there has been an improved customer service. I had a problem with one of my investments (treasury bills) one time, all I did was to send a direct message to the bank's Twitter account. Within few minutes, my query was resolved. That was very fast!
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Also banks are able to monitor their customer service, and keep them up to date with the help of technology. With enhanced cyber security, banking with mobile devices are safe. Data protection is also provided by the bank as a result of technology.
Convenience
When was the last time you visited a bank? For me it has been really long, maybe a month or so. Why would I visit a bank, when I could use my phone or PC for secure transactions. The queues in banks are fewer than it used to be. Don't get me wrong people still go to bank, but not as many as before.
“When was the last time you visited a bank?”
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You can find Automated Teller Machine (ATM) in every nook and cranny. That makes it possible to make deposits and withdrawals easily. This helps in emergencies too.
Technology Aids In Competition Competition is very helpful for the growth of businesses. Technology has also helped in creating competition within the banking system. Bank A gets a new tech, Bank B is moved to get one as well. Bank B does not want to loss customers to Bank A.
“Technology has also helped in creating competition within the banking system.”
Competition helps you and I, we both benefit from the better services rendered. Over here, competition has made most banks create USSD codes for easier banking. With a USSD code, you do not need the Bank's App. All that is required is the phone number you registered with the bank, that is what is used for transactions. Technology really makes banking easy!
Check out my other article: One Day Can Change Everything
