How New Technology Has Brought About The Changes In The Bank essays

How New Technology Has Brought About The Changes In The Bank essays How New Technology Has Brought About The Changes In The Banking Industry. The new technology has brought rapid changes in the banking industry and financial services. Online banking and electronic payment systems are the new development and diffusion of technology by financial institutions and are expected to result in a more efficient banking system. In addition to the trend of online banks, they have proven to last longer in the banking system. Technology has changed the banking industry because it now offers alternative and better channels through which products and services can be provided to customers. Some examples of the changes in the banking industry are the online banking and access to ATM machine. Online banking is a form of banking that can be done through the use of Internet and can be done at home, work, or wherever there is access to the Network. It allows customers to perform all routine transactions, such as bill payments, electronic transfer, balance inquires, account transfers, investments, and stop payment request. It basically allows the customers to carry out all the transactions just as in a normal bank except withdrawing of cash. This can be done at anytime during the day, and it is less time consuming when compared to waiting in the actual bank building where customers have to wait in long lines. There is hardly any paper work to be done; the customers can carry out transactions from anyplace that has access to the Internet. Once the information has been saved, it doesnt need to be re-entered for similar subsequent checks. Take for example, Virtual Bank, founded in February of 2000, is an entirely online experience, from opening to closing of your accou nt. If you havent been to this companys website, youre in for some fun, not only is every little detail about the company on it, but its even easier to navigate through then the Bank of America web page. This site off...