Modern technology helped banks a lot substantiate your answer
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Answer:New technology in banking is already transforming the financial sector, and the traditional banking landscape is set to rapidly change in the next five years. Safety features, such as advanced cryptography and biometrics, will help protect against bank scams, and remote applications will make it easier than ever to do your banking without visiting a branch — but if you do, the experience is likely to be much more customer-friendly.
Explanation:1. Blockchain Technology
Blockchain technology is set to fundamentally transform banking and financial services. It decentralizes financial management from a central authority to a widespread network of computers. Financial transactions are broken down into encrypted packets, or “blocks,” which are then added to the “chain” of computer code and encrypted for enhanced cybersecurity — it’s been compared to “email for money” by blockchain startup CEO Blythe Masters. Because the technology has the potential to improve numerous facets of banking — and is the basis for other banking technology trends like bitcoin — it’s no longer a question of if blockchain will change the banking industry, but when, according to the Wharton School of the University of Pennsylvania.
2. Upgraded ATMs
ATMs transformed the bank tech system when they were first introduced in 1967. The next revolution in ATMs is likely to involve contactless payments. Much like Apple Pay or Google Wallet, soon you’ll be able to conduct contactless ATM transactions using a smartphone.
Some ATM innovations are already available overseas. For example, biometric authentication is already used in India, and iris recognition is in place at Qatar National Bank ATMs. These technologies can help overall bank security by protecting against ATM hacks.
It might take some time to see ATM upgrades in the U.S. financial system because of the strict regulations governing North American banks, according to Bayometric, which is a leading global provider of biometric security systems.
3. Proliferation of Non-Banks
Banks are hoping that technology will allow them to deliver a faster, more transparent experience to consumers. A large portion of their resources, however, is necessarily dedicated to security, compliance and other industry-specific requirements, which has allowed non-banks — or financial service providers that are not regulated by the banking industry — to flourish, according to a 2016 report from market intelligence firm Greenwich Associates. Since these companies can devote a greater percentage of their assets to cutting-edge financial technology, they might be able to innovate more rapidly than traditional banks, attracting tech-savvy customers in the process.
4. Apple Store-Style Experience
The in-bank experience of the future might be more like shopping at an Apple store. Because so many people now can download user-friendly banking apps or easily find an ATM to handle basic banking transactions, the typical in-bank customer today is seeking help involving a personal interaction. Banks hoping to increase sales in the future are considering this transformation as a way for customers to engage more directly with the bank and its products, just like in an Apple store, directing customers to interact with tech kiosks for some transactions and reserving person-to-person interaction for answering questions or addressing needs unique to the individual consumer.
5. Automated Financial Services Employees
Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said up to 30 percent of banking jobs could disappear within the next five years due to developments in technology, in a 2017 interview with Bloomberg television. Many employees of Wall Street’s largest firms are already having to adapt or look for other positions due to the use of technologies such as machine learning and cloud computing, which automate their operations, according to Bloomberg.
6. Mobile and Digital Banking
The mobile and digital transformation in the banking system has only just begun and growth is already explosive. Banks are investing heavily in digital banking technology, in which customers use mobile, web or digital platforms to use banking services. Artificial intelligence solutions, such as chatbots, often assist customers in simple tasks such as making payments. In a Forbes survey on banking customer engagement from late 2016, 86 percent of banks indicated that these types of services represent their top technology investments.
Yes, modern technology helped banks a lot substantiate by creating easy access toward the client data at fingertips.
EXPLANATION-
Banks are the financial institutions that aimed to facilitate and channelizing the money from one hand to another.
Their main working lines are accepting cash, granting loans and work as the agents for the client.
The emerging side of the banks is working as the agent of the clients, this adds- ups to 10 more work for the banking sector of the people.
In here, this situation modern technology has become the best guide and friends for the bank to easily accessing the bulk of data and information to maintain the proper functionality and administration for itself.
Hence, modern technology is an aid for the working of the banking sector. Also, it has provided diversification to its process from any point and timeline of the working.
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