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Q.

What are the diasadvantages of technology in banking sector?

Tags: money, banking sector, technology
Asked by Innocent girl, 02 Feb '13 10:00 pm
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Answers (4)

 
1.

I don't know how detailed you need the answer so I can give you a fairly brief one. A disadvantage from my personal perspective in this line of work is that IT provides mass collaboration with customers/partners/businesses in a real time setting allowing the passage of funds/transactions instantly. With such fast communication it is hard to verify if said transactions are real or said customers/partners/businesses are real until after losses have incurred or a strong relationship has been built. We no longer have to look customers in the face in order to transact. You only need a computer. Therefore there is always the risk of false identity and stolen accounts. The last disadvantage is that banks rely and partner up with other banks especially in the international markets. You are trusting that their Compliance is up to snuff as well as their security because depending on how the relationship is layered a simple database breach could level the bank(s). I hope that makes sense.
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Answered by chandan kumar, 04 Feb '13 01:45 pm

 
  
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2.

Transaction almost comes to a halt when network fails.....
Answered by Pradipta pati, 02 Feb '13 10:15 pm

 
  
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3.

Online banking has fully matured and there are no disadvantages to it, anymore. Any competitive bank offers it these days. If something goes wrong, you go to the branch to straighten it out. But online errors are as infrequent as in person ones.

If you mean online *only* banking, people are afraid of new things. "The devil you know is better than the one you don't." Online you can't see the building that has your money. You have to take on faith that the bank you've been dealing with isn't a teenager who's good at web design.

The advantage: 24 hour banking. Transfer funds, pay bills, or see statements anytime you want.
Answered by jafar, 02 Feb '13 10:09 pm

 
  
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4.

One I can assess is that a little break / intruption do sufer public most ji
Answered by Dhuni, 02 Feb '13 10:08 pm

 
  
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