. Describe how IT has changed the banking domain.
Answers
Answer:
Banking is one of the world's oldest businesses. It's been with us in one form or another since the merchants of Ancient Babylon started offering grain loans to farmers who needed to transport goods between towns
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Use of technology in banking domain is opening new frontiers on how they can serve the customers .
With the use of internet banking the fund transfer are happening with a click of a button . Without it it would have been a round trip to all the counters in the bank
People have a better transperancy now on how their cash flows happens almost in real time . No more phone calls and follow up to bank or people
With technology solutions like big data and AI fraud detection is happening at real time tus safeguarding the customers .
Loan disbursement and elegibiliy criteria are not biased and are more robust and transperant than ever.