How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today. When was the last time you actually walked to your bank physically and spoke to the teller? Several days ago or perhaps weeks right? Technology has had a very big effect on almost every area of our lives. From the way we work to how we associate with others or how we entertain ourselves, technology has altered almost everything.The banking sector hasn't been left out either; the impact has been profound and has affected every part of banking from the way banks operate through to how clients access different banking services. Gone are the days of standing in endless lines to deposit or cash a check. Information is also now transferred and stored in a much more convenient and efficient way.

 Online Banking

Online banking is perhaps one of the biggest changes that has ever happened in the banking sector. Previously transferring money involved going to the bank physically and making the transfer, but now that is not the case. Today you can easily move money by just keying in your account details online to access your bank account and then making the transfer. This allows you to easily and quickly transfer, manage or check your money from virtually anywhere.

It also means that money stays in the bank adding to the bank's cash reserves as you no longer need to get out physical cash to pay a bill or a debt. There are also banking apps and services like  that allow users to easily find details about different services and details of banks.

Some apps also have voice recognition capabilities where a user can just speak into the phone and it does what he or she wanted. Online banking has literally made it possible for people to access banking services from anywhere in the world easily and conveniently.

 ATM Machines 

Can you imagine life without ATMs to dispense your money on the spot whenever you need it? These devices grew in popularity in the mid 80's and there are now over 10 million of them sell things like gift cards and stamps while Drive-thru Automatic vending machines make it more convenient for people to get their money. ATMs have made life easier for almost everyone as they can be found anywhere: from bars to movie theatres, hotels, grocery stores and more.

 It has gone global

 Another big change that has been brought about by technology is globalisation of the banking sector. For example, sometime back banks in New York and London were the only big financial hubs, but today banks in Sydney, Sao Paolo and Beijing have all joined the fray. Banks throughout the world now enjoy global presence and are able to transact from anywhere at any time. They can operate across the globe, the cloud making it possible for them to share data easily and conveniently.

 Financial Integration

Increased online activity in the banking sector has also attracted the attention of other players that are not in the banking sector. Many institutions now provide different banking services such as pay-day loans, prepaid credit cards, check cashing services and business loans for a fee. Other online services provided at banks at such institutions.

 24-Hour Access

 Online services allow consumers to access banking services throughout the day, 7 days a week. You can easily log in to your bank's site at anytime of the day and perform any transaction. This provides people with the convenience of conducting business on holidays and weekends when banks are closed.

The Internal Hierarchy in financial institutions has shifted

The amount of soft data held by banks has increased tremendously over the past few years, meaning that data mining is now an integral part of a bank's operations. This typically means that Information Technology experts are now just as essential as finance experts are to financial institutions. This is especially true as more banks embrace cloud computing. They need IT experts to manage data and keep up with the trends.