Food for Thought for Banks

There was a time when banks used hardly any computers for their daily operations.Infact they opposed the use of computers .They preferred their  traditional way of banking.But winds of change had to come and it came that nobody expected it.Even it was a pleasant  surprise banks adopted the use of computers and this made banking day to day operations more simpler.Now we see banks are aggressively adapting Internet banking,mobile banking and also phone banking.Credit cards have now become integral part in  banking .So as credit card frauds ,financial frauds have also increasing .Recently there was a news that one persons credit card were used simultaneously in different locations.Well hackers,frauders bypass payment gateways & hack customer accounts .This is a high alert and very much big concern for banks.Banks in order to win in marketplace are going digital but they are not focussing or should I say they are not ensuring safety and security.

   

                                    

The point is there is pros and cons in any technology and it is upon us how we deal with these problems and convert challenges into opportunities.Essentially I would like to tell when a bank or any organization tries to invest in a new technology then it should do a feasibility study.It should also find out the cost of investing and implementing technology and also know the benefits.When cost involved is less and benefits are more then a bank should go.Banks are going to digital domain but they should keep in mind that they should simultaneously educate customers and make aware of the new technology.This way banks will understand more about the customer and most importantly faith and trust will be build.People generally do not do more online transactions only because of fear and security.Still our heart beats fast when we do any online transaction.They trust is still missing .It is sole responsibility of banks to look into this aspect also.

                                      

Online banking,net banking,credit cards,phone banking are now becoming integral part of banking system  so the banks should leverage their time in educating customers about new technology and make people feel more comfortable,secure and happier when they are using this technology.