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The banking sector is not the same anymore- thanks to IT and tech revolutions

Is there any field that has not seen the impact of Information Technology? Is there any business that runs without an IT team in place? Is there any office without computers?...

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The banking sector is not the same anymore- thanks to IT and tech revolutions

Is there any field that has not seen the impact of Information Technology? Is there any business that runs without an IT team in place? Is there any office without computers? Well, the answer is a no, at least in most cases. That is how predominant the influence of IT is today.Tech trends keep changing year after year. But if there is one thing that is stable, it is the fact that information technology is making communication and business management a whole lot simpler.

One of the industries that has seen a remarkable change due to the impact of information technology is the Banking sector. Financial transactions, bank accounts, and payments are all not the same as they were years ago. IT has changed the way we transact, the way we pay and the way we manage our bank accounts.

Some of the ways in which technology and IT, in particular, has changed the banking sector are:

• ATMs:

The very first major revolution in the banking sector happened perhaps with the launch of the ATMs. Banks have always been synonymous of a bustling environment where people are always waiting for their turns, in long queues to deposit as well as to withdraw money. No matter how small or big the amount, one had to wait. And not to forget, filling out the withdrawal or deposit forms! But that changed with the introduction of ATMs. Though there are still queues in the busiest ATMs, the form filling process is avoided and the processing times are now reduced as well.

• Internet banking:

Internet banking is a concept that has taken banking to the next level. Managing accounts, checking the account balance, checking the status of financial transactions including deposits and withdrawals and cheque credits are all easy with the advent of internet banking. Even modifying the personal records with the banks like the address for communication, nominee details, and other such information has become simple with internet banking. A single login to your internet banking account from your computer or your smartphone can give you all the information you need. This avoids the trips to the banksto get all your account related information. which can be found at https://www.netwerkkabel.eu.

• Better customer care:

Not everyone is fond of having to wait to be answered by the bank’s helpdesk in the brick and mortar branches of the banks. With internet banking, customer service also has now evolved. Internet banking and mobile banking apps allow more convenient and personalized customer experience.

 

Tech trends that would influence banking in the coming years:

• Bank data security:

One of the major concerns that banks face today is the information security. The large amount of financial data, records of the account holders stored are vulnerable to be hacked and accessed. We have heard about a number of small banks that shut down due to such cybersecurity interruptions. With a growth in technology come associated risks as well. Tackling these risks is a primary area of focus now, especially in the banking sector. The banks have to invest on secure servers and information security measures. The customers would have to be more discreet in maintaining their bank records and passwords.

• Digital payments and mobile wallets:

Now money has transformed from being currency notes to figures on the digital banking accounts and mobile wallets. We now don’t need currency notes, no more cheques or even ATM cards to make a money transaction. With the digitization of payments, the payment process is quick and convenient. The entire loop of standing in ATM queues to get currency notes, then giving them to the retailer or service provider and the service provider then depositing the currency notes to his account is shortened. Digital payments will keep growing in the coming years.

• Banks relying on the cloud:

When it comes to moving to the cloud, the banking sector is the one sector that has been hesitant to move to the cloud. But now with the ever-growing cloud computing trends, there has been a lot of focus on improving the cloud data security. The agility, scalability and convenient that cloud offers are all features that banking sector requires. This makes the cloud data solutions an apt solution for banks. So there are many banks that are slowly now adapting to the cloud trends.

More Details:

Though we are pretty new in the IT solutions providing market, we have managed to build an impressive clientele. How did we manage to do this? This is a question that we are asked more often. Our answer is- the flexible customer-centric services we offer! This is what makes our clients come back to us for all of their IT and computing solution needs.

Looking into the details of our infrastructure:

Getting to know our infrastructure would help you understand how you can be sure to get the best service from us. We have a wide range of standard solutions to choose from. The solutions we offer include a wide range of IT and cloud computing services all that you would need to keep your business’s IT infrastructure up to date.

You can choose directly from one of those services that we offer, from our list or, if you don’t find what you need, get in touch with our helpdesk. We also offer custom solutions for companies that are looking to revamp their existing IT systems.

If you are unsure about what you really need to stay ahead in the curve, and to gain a competitive edge, if you have little or no expertise in the field of IT yet wish to implement the best IT infrastructure, get in touch with us. We also have a team of dedicated market analysts who will analyze your business and the respective markets. We can then work with you and offer consulting services to understand your requirements and figure out the best action plan to materialize them. Our dual channel work environment is ready to take inputs at any stage of the project and thus we make sure that even if you have some sudden changes to be implemented, we have place to accommodate those as well.

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