How Banking Technology has been improved over time

Banking is the sector that decides the economy of the country and is one of the main factors that decides the major financial terms in a country. This sector impacts every single person as it the growth of the banking sector is inversely proportional to the inflation. The more developed and better a banking sector becomes the less will be the inflation. Many economic experts are not worried due to increasing Rupee Vs Dollar but are worried about the increasing inflation in the country. India is a developing country at a faster rate than any other country; the inflation in the country has reduced very much and is now very promising for every individual to see a “j” curve in the country growth.

Banking in India on technological aspect is more advanced than any other country as many people say never mess with an Indian when it comes to money matters so, Banks in India as per the RBI Guidelines follows this technological advancement to provide future banking to their customers. The following is the list that the Bank has evolved with-

Two Step Authentications

OTP Stands for “One Time Password” that will be sent to your mobile phone when you initiate the transfer. This is used to stop any fraud money transactions and prevent any loss of money

Bank IFSC, MICR, SWIFT Code

RBI issues these codes to the bank branches in order to make the transaction easier and faster. Before that, the normal money transaction took almost 2-3 days via Checks, draft to take effect. But it is now not the case. SBI IFSC Code is one of the earliest users of this code to transfer funds.

Mobile Banking

Mobile Banking is one of the major banking tools used by the user. It is a simple android or ios based application that can be used to do all sort of banking operation from your mobile. This is the most user-friendly banking toll and is widely accepted by the users.

Internet Banking

Internet Banking or Net Banking is a portal that bank service provider provides to the customer to use it as a banking tool. In this Banking tool, you can Transfer funds, Pay Bills, Check Bank Balance etc. This facility brings bank just a few clicks away and attracted a lot of people to participate in the banking system of India.

Cyber Security and Data Protection

With the online functions for banking tool, you need some protection to protect the transactions. This encryption of data must be very secure so no third party can interfere in this connection. This third Party is a called Hacker. There have been numerous cases of hacker hacked the system and money is transfer into someone else account but now it is not the case as the new technology in cyber security enabled the banks to encrypt the data such that it becomes impossible for even the Supercomputer to hack into the Communications.