What is Cryptocurrency A new word emerged in our lives two months after the beginning of the recession of 2008 and gradually transformed from a vague expression ("virtual coin") to the vocabulary used to characterize the new economy. On June 9, 2009 the first bitcoin was released by an anonymous person called Satoshi Nakamoto. For different reasons like the sub-prime crisis, Nakamoto, claimed he is a Japanese man in his 30's, said he gave the open protocol in 2007. Today the new coin is called a "Digital Asset" and decentralization is the principal idea behind it: there's no main institution responsible for regulating it. The most familiar and traded form of Blockchain's technology, Bitcoin, who has crossed the $15,000 lines way back and has shows an image of exponential increase in the past few months. The great advantage of blockchain technology is that it doesn't have to keep records for a large central computer or big managing company. With this ...
The world at your fingertips
A lot of individuals are ready to relate to this, because in a way or the other, all people are being affected by technology. From ordering food or buying garments, everything is merely a tap away. you also don't have the necessity to hold cash in hand, you'll simply create a digital payment from your E-Wallet. Similarly, through internet banking, one is allowed to transfer cash from one account to a different, order for cheque books, check the balance, make payments, produce fixed Deposits, and so on.
Less Errors and better information Protection
In the past days once, banking was fully dependent on the human accuracy and ability, mistakes and errors were a lot of apparent. As human capabilities have a limit, they're vulnerable to skip certain things or make calculation errors. With the introduction of computers, the frequency of errors has reduced to virtually zero. Also, another vital perspective to this, is that it will shield the information way more expeditiously. Nowadays technology delivers complete security of your transactions and security of your data that there are very rare occasions on which the data is misused
Better client experience
The ancient system of banking was extraordinarily tiring and prolonged that resulted in poor customer experiences. This was as a result of one had to face in long queues, file plenty of papers and be physically present. the arrival of internet banking and mobile banking has reduced the time you spend for banking related tasks and has also ensured hassle-free client service even from a far-off location.
Business Intelligence to drive profit
RBI has inspired all the Indian Banks to adapt Business Intelligence (BI) to increase the general profitableness within the business. Business intelligence system provides knowledge for historical, current and future trends. This information aids the banks in a way that they're able to take correct decisions and thereby will bring an overall increase within the productivity, efficiency and profitableness.
As banks adopt a lot of technology, 2 things stand out-using less paper and doing transactions wirelessly. process online applications for account opening and different services, transfer of funds without cheques, online account statements are all changing into part of the regular banking method. With digitisation of all client transactions and data, banks will improve productivity, optimize prices, offer faster and better-quality customer service.
For customer, digital banking translates to simple handling, storage and retrieval of financial documents and account statements without the worry of misplacing them.
UPI - Unified Payments Interface
It is unimaginable the scale and speed of UPI. UPI platforms contain up to 143 Indian banks. UPI passed over 1 billion transactions in October 2019 with over 100 million active users. There are no such facilities in the world, nor have a number of transactions on a single network ever occurred.
UPI has made India far ahead of the world and Indians can use QR scan code and different methods to transfer money, but most of the countries still have traditional methods. In the developed countries, card payments are still prevailing. Cheque payment is still a matter of urbanism in many of Europe's countries. Challenger banks, new age banks, were thus established. China has a seamless AliPay and Wechat, but not as simple UPI.
With consumers claiming ‘anytime and anywhere’ access to their capital and financial information, banks have no option but to implement wireless solutions in device independent and network.
The only ones that profit from safety enhancements are not consumers. Branches of the bank are able to use technology to improve the security of industry. In several branches, conventional cash drawers are replaced with safer cash recyclers. A cash recycler serves as a small cash voucher and takes cash deposits and transfers cash securely and accurately.
At an accelerating rate, things are changing. In the near term, a potentially vast number of technological advances will be used in all forms of financial institutions in the consumer banking industry. It is important that the banking services industry drives the waves of technology-driven business transformation.
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