In what ways has technology reshaped the landscape of the banking industry?

The contemporary technological landscape has empowered both financial institutions

and their clientele, offering enhanced control over banking systems. As highlighted by

Wright and Quadrini (2009), the advent of technology, coupled with the internet revolution

and mobile phone proliferation, has significantly bolstered financial technology,

revolutionizing various banking transactions. This has translated into heightened efficiency in

depositing and withdrawing funds for customers, while concurrently facilitating streamlined

management of customer information by banks.

Nevertheless, it is noteworthy that certain regions, such as Japan, continue to adhere

to traditional paper-based banking procedures. This approach, characterized by time-

consuming processes and the limitation of transaction acceptance until 15:00, poses a

considerable inconvenience. The integration of technology has undoubtedly streamlined

banking operations, yet in tandem, the surge in criminal activities, including hacking and

unauthorized access leading to the compromise of customer information and funds, presents a

stark reality.

In summary, the integration of technology has ushered in a new era for banking,

optimizing operational aspects while concurrently presenting challenges such as the

escalating threat of cybercrime.

Reference:

Wright, R.E. & Quadrini, V. (2009). Money and Banking. Saylor

Foundation.file:///C:/Users/pikas/Downloads/BUS2203TextbookMoneyBanking.pdf