The concept of banking has been revolutionized in many parts of the world, especially in developing countries like China, India, Brazil and Russia. Today, more and more people can have access to banking facilities without any hassles. Even people living in remote rural areas also have access to banking facilities thanks to technology such as wireless broadband.
The notion of banking, financial services technology and insurance technology can never stay stagnant and the same. The financial services and insurance technology industry is dynamic and it will change regularly, to provide superior facilities to support the needs of people.
The traditional purpose of a bank was to accept money from a client and lend money to the genuine and qualified customers in the form of a bank loan. That loan must be paid to the bank by the customer along with any predetermined interest.
In recent times, banking technology has grown by leaps and bounds. Thanks to technology, banks can operate in a very productive and effective manner. Apart from the traditional business of a bank, these institutions can offer a wide variety of services and products to small customers, big customers and even small business enterprises. Every bank wants to offer something unique and exceptional in order to lure customers. This has resulted in an enhancement of banking technology which benefits the customer. The invention of ATMs, internet banking, credit cards and debit cards are all some of the technologies implemented by the banks. These aspects have only augmented the working modules of banking all over the world. Now even the most downtrodden people can have access to banking facilities in urban and rural areas. Such is the massive scope and magnitude of banking facilities all over the globe.
Apart from government banks, numerous private banks have emerged with advanced facilities and services that can be catered to each and every customer irrespective of their income. The introduction of internet banking has completely transformed the concept of banking. The web is vital for retail and finance services. A lot of retail banking products like home loans, car loans, and personal loans have benefitted through the greater impact of technology by making approval processes more efficient and proving customers new ways of repaying these loans.
Credit cards are an example of superior banking technology, which has enriched our lifestyles through convenience and having access to additional funds. In addition, mobile banking and internet banking has also revolutionized the concept of banking through improved products and services. This is clearly evident as we can now view bank account details in a matter of seconds.
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