What Is The Impact Of Technology On The Banking World

We can do our banking at home through the internet. For example we can set up and cancel standing orders through our online banking account. Transfer funds to other people, not just on a computer but now on our smartphones too. This technology has replaced the need for us to visit our bank and deal with a teller.

(Federal Financial Institutions Examination Council,2003). The usual E-banking services provided by banks are account management; bill payment and presentment; new account opening; consumer wire transfers; investment/brokerage services; loan application and approval; account aggregation; cash management ; small business loan applications, approvals, or advances; commercial wire transfers; business-to-business payments; employee benefits/pension administration etc. Online banking or E-banking has spread around the world and has become common these days. In general, banking services have changed over the past three decades to meet the consumers’ needs (McKinsey & Company, 2012); at that time, when the consumer needed money for purchases or to make a transaction, he needed to go to the bank by himself during the bank hours and perhaps waited in a long line to meet a human teller to implement his transaction. Nowadays, due to the E-channels that surfaced with the development of technology and the Internet, the processes of banking have changed. The consumer can make a transaction from one account to another while sitting in his couch anytime and anywhere.

The innovation in banking is applied with a sensitivity to all concerned ~ the bankers using the modern banking instruments, customers enjoying seamless modernized service and stakeholders receiving improved earnings due to the tech savvy banking. In the lights of automation in banking, it is felt that a whole new world of convenience has opened up for customers and the banks themselves have become more efficient in service provision.

Since the 1980’s, online banking has made the lives of everyday people more convenient. With the new innovations and creations to computers, online banking has grown to become the most used form of banking in the US (5). From the first ATM to mobile banking technology has helped shape One of the first computerized innovations to online banking, the credit card, revolutionized how cash was money was used in society.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

Since the beginning of time , humans have created forms of technology to communicate (1)to people . People have created paintings and carving in the time before 30 000 BCE to communicate their stories and lives to others . As people would communicate with others the technology being used would advance over time (2)in society in different forms . From prehistoric paintings and carvings there progressed communication such as cuneiform and hieroglyphics . From there human advancement created the Alphabets in 1850 - 1700 BCE which till this day we currently use in written form of communications (3)in email , letters , and etc . In China , around 100 BCE paper was created and used which made writing easier , and wouldn 't be as difficult to carve in wood or carve into clay tablet 's for people to send messages . With the invention of paper communication increased , and in 1440 CE a man named Johannes Gutenberg created the very first printing press . Following the printing press Samuel Morse and other inventors in the 1830s and 1840s created the telegraph . The telegraph would have two points connected by a long wire that would allow you to communicate by a series of signals like Morse code for instance . In 1850 , the first undersea cable connected London and Paris . Thus this invention created instant long distance communication with people compared to signal fires and it was simple to construct . The telegraph also required help to decipher the code , thus interpreters were

Since the dawn of time, humans have had an innate drive to innovate and revolutionize technologies that surround them in day to day life. This drive to innovate has led to technologies that have made it easier to create, manage, and exchange goods and information. Planned technological systems such as the steam powered railroad provided a widely accepted vessel which society could improve on through increased trade efficiency. On the contrary, individuals can take progress and technology too far entirely, eventually affecting people’s land, increasing pollution, and promote unfair labor. Technological systems must have guidelines in order to avoid misuse of the newly developed technologies, society must also accept the technology and all of its proposed benefits and consequences.

Throughout history, humans have sought technological advances, from the discovery of fire to the creation of the internet. Challenging the laws of nature and creating something to revolutionize the world is a fascinating concept which can be understood by most of humanity. Technology has allowed mankind to change the perspective of individuals while also making life easier and more comfortable as time progresses. From getting people from one place to another within hours to connecting them from around the world is only a click away. With endless information and opportunities being at the tip of the fingers, not all technological advances are being used for the purpose that they were created for. Various websites and technology-oriented things are being misused and causing unnecessary problems in people’s lives. Social networking has helped millions connect with their family and friends around the world. This however has also caused problems among teens and a lot of adults as well as they have become addicted, causing many to hide behind a screen to feel good about themselves and have caused them to stoop down to cyber bullying, also have become dependent on this technology, as they feel the need to be up-to-date on everything occurring in someone else’s life sometimes causing depression and becoming anti-social from real life due to the social networking sites present such as Facebook, Twitter, Instagram and many others.

Technological advancements have shown a substantial growth concerned with each and every field whether it be the communication systems, astronomy, semiconductor devices, automobiles, electronic devices of daily Society has become more and more usage, bio-electronic devices, building and dependent on technology. So much so that we architectural design techniques or the sometimes lack the willingness to think before computers we act. We become impatient if it takes more

“Connectedness” has a number of definitions as it is a common term used in both psychology and mathematics. But in general connectedness is the relation in between the things or events. Throughout the human civilization over the centuries humans used to keep relationship among themselves as families, troupes and as many other forms in the society. Starting from the family which is the smallest community group in the society, people keep creating relationships or connecting with other people, groups and events incessantly. In Every instance, people need to learn how they should connect with the new and known people as no one has all knowledge needed to work completely alone in today’s connected society. All groups in the society are connected and depend on each other.

Society has become dependent on technology and it now plays an important role in many people’s lives. Try imagining your life without technology. If the internet, mobile devices, and games were taken away from us, how would we feel? Many people would feel like a part of their lives are missing due to technology now being a necessity in their everyday life. It would be very different from what we are comfortable with today. The truth is, many people rely on technology to get them through the day. Whether it 's at work, at home, or at school, technology is beneficial. Without technology, our lives would be much different. Technology can have both a positive and negative impact on many people lives today, but one can choose how to use it. For instance, positive effects that technology contributes to increased communication, speediness of work and fast access to information. In contrast, negative effects that technology contributes to are decreased in human social behavior, education and health risk. Although, technology can play a positive and negative role in one’s life, one must consider the negative effects seriously because health is important in many people lives.

In the world today, industrialization and modernization are in the process of globalization. They are the applications of scientific and technological achievement in order to innovate a fundament. Enhance entirely fields of social activities from economics, to politics, culture. However, while technology plays an essential role as a foundation and motivation for industrialization and modernization, it still can cause certain negative impacts to all aspect of human beings, especially in the society we are living.

How has technology affected the everyday life of society today? Is society as social as it use to be before everyone had access to an abundance of technology? Many people believe that the answer to those questions are that society is less social and technology has had a negative impact on humans today. As technology progresses bounteously society begins to rapidly decline. The ways society is negatively impacted socially mentally and emotionally will be analyzed.

Technological advancement has influenced development of many areas in life such as education, social, science, politics and economy. It also impacts on living standards, business and government. In particular, technology plays a significant role in many aspects of business such as production, marketing, strategic decision – making, innovation, trade and management. Using technology in production can enhance a firm’s competitiveness, and also help companies to develop while saving money and time and reduce the required labour force. However, much research illustrates that the development of technology has both favourable and unfavourable implications for companies and as Capon and Glazer (1987) have stated, as the recent trends of

With the industrialized and modernized further development, science and technology have always played an important role in human history. With the rapid development of information and communication technology, the Internet has been penetrating into all aspects of social life and its influence on journalism is also inevitable. Journalism was both defined as a kind of literary style and also the method of gathering, processing and disseminating of news and information. Moreover, the Internet, which has been considered as the one of the preferred sources of news and information for many audiences and readers nowadays, has deeply affected and greatly contributed to journalism. However, the benefits what advanced information technology has brought us began to be under suspicion from some negative viewpoints. With the all-pervasive movement and presence of the Internet in today’s society and our daily lives, the relevant practitioners’ deep worries about declined traditional journalism in previous years have been replaced by increasing concerns about how journalism has been altered since the inception of the Internet and the subsequent development of online new media. Journalism has been transformed since the inception of the Internet through exploring the information sources, accelerating the news processing, diversifying the transmission mode, increasing audiences’ participation, broadening user-generated contexts, and reducing publishing costs.