How technology has changed banking over the years




E-banking, online banking, net banking, etc. have completely changed the way banking is done today. 


The banking industry has changed dramatically over the years. While customers regularly walked into a branch to withdraw money, transfer funds, or seek information about products about 50 years ago, today, a majority of customers prefer to conduct basic financial transactions online, leading to the popularity of digital banking.

The arrival of the Internet is synonymous with the rise in digital banking, fuelled by the advent of ATMs and debit cards in the 1960s. Today, thanks to the Internet and higher penetration of mobile devices, banks have been able to introduce multiple channels of engagement for their customers.

Digital banking offers convenience for both the banks and its customers. While customers can save time and hassle through convenient banking transactions that can be conducted on-the-go, banks save money on physical infrastructure and hiring costs by moving a part of their transactions online.

Everybody understands traditional banks – or the original banks that offered checking accounts. They were the first to provide financial services, such as money deposits, loans, money transfers, bill payments, and so on. However, banking was location-bound, and a visit to your nearest branch was necessary for every single transaction.

With the advent of the Internet, financial institutions were able to overcome the location barrier to some extent by creating an active internet presence. Today, most banks with physical branches also offer online banking or internet banking that enables customers to access their account information online, and also make transfers or set up automatic payments.

Banks around the world are realizing how digital technology investments can benefit their customer acquisition strategies and also improve customer satisfaction while reducing overall costs for both the banks and the customers.

Below we have listed some benefits of digital banking that cannot be ignored by anyone:

  • Simplifying the onboarding process

  • 24/7 banking

  • Affect cost savings


In a highly competitive industry, financial institutions are increasingly investing in technology to improve their customer experience and increase operational efficiency. Also, there is a requirement to make banking transactions highly personal and interactive. While customers prefer digital banking for simple transactions, most of them like to interact with a human for complicated financial products, such as a home loan. Therefore, banks cannot rely on digital entirely and do away with the human touch. However, they can use technology such as AR to set up virtual branches or use face-to-face video chatting and co-browsing to make digital banking much more human and interactive.

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