It’s no secret that technology is changing the way we do business. The changes are already happening in financial services, but the impact of technology on banking can be seen everywhere. Just consider how quickly sales have grown since the invention of the credit card. In just the past few years we’ve gone from a world where purchases could take days, to a world where purchases can be done almost instantly.
How does technology impact banking? With the advent of mobile computing and smart phones, instant access to your banking data is within the reach of everyone. The old-school PC and modem connection has been replaced by a sleek smartphone or tablet. And, with Internet
access becoming available in homes across the country, any location can now be a web-based bank. Mobile apps that provide real-time banking information are becoming even more popular.
What else can technology impact in digital banking? Digital asset management and inventory control are making it possible to manage all of your banking assets, from stocks, bonds and mutual funds to precious metals. Online check deposits allow customers to securely pay their bills right from their personal computers. Mobile payment processing has revolutionized the way people pay for things, making transactions safe, secure and fast.
Technology impact is also happening in the realm of technology tools. Banking equipment such as ATM machines and credit card machines are becoming less costly and smaller. And mobilebanking apps are bringing new features and functions to our smartphones. The apps are helping consumers manage their own financial information better. Even ATM machines are getting smarter. New types of ATM cards designed to be used in more places are being introduced.
How does technology impact the way we conduct business at financial institutions? As more technological tools are developed to improve customer service and reduce costs, more banking institutions are embracing these tools with open arms. Today’s banking institutions are using online banking, mobile banking, digital imaging and the virtualization of data centers to save money and increase productivity. In fact, the biggest banking companies in the world today have long since adopted the concept of technology to help them function more efficiently.
Digital technology is only going to continue to impact the way people interact with each other. What is your opinion? How is technology impacting your life? Let us know in the comments section below. We would love to hear from you.