Reflect on the technological advances in banking over the past 30+ years (ATM’s, EFT, Online Banking, Mobile Banking, debit cards, electronic check clearing, etc). Think about your own banking experience, interactions, and routines. What is one technological advancement, or product improvement via technology, you would implement if you had the opportunity (authority and budget)? Describe the features, along with the benefits to both consumers and banks. This advancement/improvement can be anything that makes banking easier for consumers, makes banking safer and more secure, simplifies a bank’s operations, saves time and/or money.
Even with all the enormous changes that the banking industry has had to undergo, the main factor has remained unchanged, i.e., the nature of the need for the customers from the banking sector. The framework and its paradigm have shifted beyond recognition. The changes in technology and regulations have influenced the industry in the last 30 years to the extent that banking without technology now seems impossible. Technology in this industry stopped being just an automation tool and became a revolutionary channel for delivering services through better innovative channels. In the case of ATMs, it was realized soon that offering this service as a privilege was wrong; it has more to do with the customers having difficulty in visiting the bank branch.
Banks invest in information and communication technology to increase the profitability of the company and efficiency for the customers. These banks have used technology to offer services ranging from mobile banking, internet banking, electronic check clearing, debit cards, and EFTS and credit banking show how much far the industry has come to provide better, efficient and timely service to its customers (Vadlamani).
One banking product or technology, which I am very much interested in utilizing in the banking industry, is that of the block chain digital currency. The use of the block chain public ledger can become an integral part of the operational infrastructure and banking institution’s technology. E-business units can be built to accommodate the digital currency. This new form of financing would enable extended customer service and enable operational efficiency in the form of big data analytics. It can be implemented in retail banking, wealth management, insurance, payments, and commercial banking. Another important technology adaptation would be the use of robotics, and AI will start a new wave of localization in the banking industry (Pwc Global).
Work Cited
Pwc Global. “Financial services technology 2020 and beyond: Embracing disruption.” PWC. PWC, 2018. Web. 16 Agust 2018. https://www.pwc.com/gx/en/industries/financial-services/publications/financial-services-technology-2020-and-beyond-embracing-disruption.html.
Vadlamani, Ravi. Advances in Banking Technology and Management: Impacts of ICT and CRM: Impacts of ICT and CRM. New York: IGI Global, 2007.
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