The objective of technology is to make our lives simpler. The use of technology in banking services has upheld this objective quite effectively. The use of digital technology has not only streamlined banking operations and strengthened their infrastructure but has also made banking accessible and easy to use for customers. The benefits of the use of digital technology in the banking sector for bank customers are as follows:
1.Bank customers need not carry cash
There was a time when people had to carry cash all the time in their pockets and wallets. It was inconvenient if people decided to travel since carrying cash around unknown localities was quite risky. If a person needed to pay an amount to another person, carrying heavy and sturdy briefcases was the norm. These inconveniences were done away with through technology-enabled digital payments and the online transfer of money. Today, you can send or receive any amount of money to and from any bank account around the globe 24/7. All you have to do is log into your mobile bank application and authenticate your access. The applications are secured as they undergo stringent digital testing.
2.Bank customers need not visit physical branches
People used to take leaves from their jobs to get any banking work done. This was because banks used to cater to customer’s woes only during working hours. Moreover, people had to wait in long queues to get to the bank counter to be heard. Today, reaching out to banking personnel for assistance is just a task of a few minutes, from the comfort of one’s home, thanks to banking technology. Banks provide online services for the grievance redressal of customers.
3.Bank customers can maintain multiple accounts and policies
Earlier, the maintenance of multiple accounts and savings policies was a cumbersome job as it involved a lot of paperwork. Moreover, it would get difficult for a person to keep track of the status of each account. Today, managing multiple accounts can be done due to banking technology by the bank application itself. The bank customer can pull out the digital report and analytical statistics of each account whenever required.
4.Bank customers can receive information in their preferred language.
This is a benefit for people who are not well versed in all languages. Technology has made it possible to dissipate important information about banking operations in all major languages of the world, making work a lot easier for the customers.
