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.
Technological advances such as ATM’s, EFT, Online Banking, Mobile Banking, debit cards, and electronic check clearing are in the limelight in this contemporary era. I also have banking experience. For Instance, I use mobile banking to transfer payments to different people. It made the process quite easy for me, as I can carry out the transactions at home. Furthermore, ATM technology is quite helpful, as without wasting my time in banks, I use the ATM card to draw cash. I can say that mobile banking and all other technological advancements have made different activities of life fast and easy. Paying utility bills through technology is the perfect example. If I have the opportunity, I would like to implement the integration with artificial intelligence to improve customer service (Information-age.com, 2018).
It seems the best approach to eliminate threats regarding frauds and errors in the transaction process. Artificial automation is the prominent feature of this technology, as it can help to target those customers who contain the different buying behaviors. With the perspective of banks, the target will become easy for the management that can help to grab the immense range of customers. On the other hand, customers can take the benefit, as they can enjoy services according to their expectations. They can trust the banks. The other benefit that the bank can gain is the robust system. The banking system can be improved regarding possible fraudulent activities (Carey, 2017).
The purpose of the change or technological advancements in the banking system is to make the process secure, swift and satisfactory to customers. It seems the evolvement of the banking system can enable many monetary benefits for banks. The customer wants quality in services, and obviously, they want to keep their deposits in banks due to these possible benefits.
References
Carey, S. (2017, December 22). How technology will transform banking in 2018: open banking, GDPR and robo advice. Retrieved from https://www.computerworlduk.com/it-business/how-technology-will-transform-banking-in-2018-3669442/
Information-age.com. (2018, May 4). How technology is impacting the finance and banking sectorHow technology is impacting the finance and banking sectors. Retrieved from https://www.information-age.com/technology-finance-banking-sector-123471800/
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