Essay On Technology In Banking

969 Words4 Pages
How has technology changed the banking industry? Technology growth in the financial industry are changing the way consumers bank. As consumers, corporations, and governments keep on demanding more efficiency, the payment system will continue to become more complex. In conformity with Wright, R. E., & Quadrini, V. (2009), states that the advent of cheap electronic computing and digital telecommunications after World War II, did in the end stimulated important innovation. Technology has had a very huge effect on almost every area of our lives. From the way we work to how we connect with others or how we provide entertainment for ourselves, technology has altered almost everything. The banking subdivision hasn't been left out either; the direct effect has been profound and has affected every part of banking from the way banks operate through to how clients access different banking services. Information is also now transferred and stored in a much…show more content…
E., & Quadrini, V. (2009). During the existence or happening before the present time, transferring money involved going to the bank physically and making the transfer, technology has changed such system. Today you can move money in an easy manner by just keying in your account details online to access your bank account and then making the transfer. This permits you to transfer without difficulty and quickly, manage or check your money from virtually anywhere. There are also banking apps and services that allow users to easily find details about different services and details of banks. Online banking has literally made it possible for people to access banking services from anywhere in the world easily and conveniently, Wright, R. E., & Quadrini, V. (2009). With data being consolidated, and increasing internet reach, the Internet Banking Solution was developed and now almost every bank offers
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