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How Technology Has Changed the Face of Modern Banking

April 01, 2019

How Technology Has Changed the Face of Modern Banking
Technological advancement has impacted almost every industry today and banking is no different. The following are a few ways modern technology has taken the sector to the next level:

Mobile Banking
The biggest improvement we have been able to achieve in modern banking is through mobile banking. This is because the customers can now complete a slew of tasks conveniently without paying a visit to their banks. These include sending and receiving payments, loan and credit card applications, opening new fixed deposit accounts, etc. 

Data Analytics
The banking sector uses tons of data which is why it’s benefiting the most with big data and analytics. Lenders can now use new-age tools to minimize risks for loan disbursals and offer personalized offers to their customers by studying their spending patterns and earnings, etc. 

Customer Service
Quality customer service has always been a big challenge for the banks, especially the Indian banks as they have millions of customers to handle. However, technology has been able to alleviate some of the burdens in this area. For instance, some of the largest banking including SBI and Kotak Mahindra Bank are using artificial intelligence-powered bots on their websites to process customer queries and help them in the sales process. These bots are programmed to answer hundreds of thousands of standard questions that the customers ask. Moreover, these programs can also handle a large number of queries at the same time. 

The banking sector is not the same anymore. It’s growing constantly and adopting new technologies faster than any other industry. So, if you want to pursue a career in this industry, then it’s important that you enhance your resume first. One way you can do that is by doing a professional diploma course in banking management. For instance, We are providing one at an affordable price here

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