Technology has impacted all sectors today, and banking is no different.
As smartphones, social media, and the Internet, in
general, have become so important in our lives, the way we access financial
products has changed to a huge extent.
The following are some of the ways technology is impacting
the banking sector today:
The following are some of the ways technology is impacting
the banking sector today:
1. Chatbots
It’s one of the main goals of all the banks and NBFCs to
offer the best customer service.
However, there are usually too many customers and few customer support agents to handle the queries.
This problem is now
being solved with artificial intelligence-powered chatbots that are able to
record customer feedback and even respond to a large number of questions.
The
answers to these questions are written in scripts in advance, and the bots are
able to understand the questions to provide suitable answers.
2. Cashless Payments
Cash is becoming less and less popular as the people are
realizing its inconvenience and risks.
The banks have also adapted accordingly
and allow the people to make payments through various options- mobile wallets,
credit cards, contactless ATM cards, etc.
Today, you can send or receive money,
pay bills, book train and flight tickets, and more without using any cash and
rather enjoy discounts and cashback offers.
3. Big Data and Analytics
Banking involves the creation of tons of data- transactions, inquiries, credit usage, etc.
The banks can now process
it all with the help of technologies like analytics and big data.
Advanced
tools in these areas can identify and record the spending behaviors,
credit usage habits, etc., of different customers.
The banks use this
information to offer personalized offers to customers to increase the sale
of their financial products.
The banking sector has grown a lot today, and even more
growth and new trends can be expected in the next few years.
So, if you want to
build a career in the same, then it would help to take a professional course.
For instance, TSCFM provides one such banking course with placement at affordable fees.
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