Use of Technology in Banking Sector

Abstract The role of banking sector is considered very important in the economic development of any country. The more advanced the banking sector of the country, the faster the country is progressing. The overall development of the country is largely due to the banking sector. New technologies are continuously being used in the banking sector, so the banking sector is increasing day by day. With the introduction of new technologies like mobile banking, net banking, UPI payment, the banking sector is progressing rapidly. The cost of traveling to the bank has reduced and customers can avail the banking facility at home. With the advent of new banking, customers are getting many types of facilities at home. A customer can transfer payment from any location thus saving both time and money. Due to credit card debit, petrol card facilities, such card facilities allow customers to avail the market facilities. Banking transactions have increased manifold and the country's economy is progressing rapidly as banking facilities have become available in every household. Due to the new technology coming in the banking sector, the number of transactions has increased tremendously. The use of sophisticated new technology has made transactions easier than the earlier banking sector. Despite this, online banking often results in losses to customers. The country has progressed rapidly due to digital technology in the banking sector. ATM machines allow customers to exchange money whenever they want. As banking services are available 24 hours a day, the economy is found to be greatly boosted as the number of transactions increases.