Friday, 5 February 2016

The Impact of Internet – The Banking Sector

With internet many things have become very easy. The internet is everywhere whether it’s banking sector or any other sector. The impact of internet on the banking sector has been positive in many ways. Some of the benefits of internet on the banking sector are:

Earlier, you could deposit cash in your account through your home branch only. If you are not in your city, you cannot deposit money in your account even if the bank has a branch in the city in which you are. Once, my mother-in-law had an operation and my in-laws needed some cash urgently.  I was not in city and it became impossible for me send money.

Now, you can easily deposit money in any branch of your bank. It has become very easy to deposit cash. Another benefit is, that the balance is updated immediately in your account and if you want give a cheque on the same day you can give it easily.

Earlier, you could use your bank ATM card in the ATM machine of your bank only. I had to always look for my bank’s ATM machine and it was very difficult to find one.

But, with the facility of internet and network you can use any bank’s ATM card at any machine. Now, I don’t have to find my bank’s ATM machine and I can get cash from any ATM.  

Earlier, you had to deposit a cheque and you have to wait until it is cleared. Another way, was to send a money order which was very time consuming. Money order was fine for areas which were in reach. Sending a money order in a remote location was very difficult. 

The banks now have funds transfer facility and RTGS facility, through which you can transfer funds in a very short time.
Earlier, to book a ticket you had to go to the cinema hall and it was not sure that the tickets will be available or not. In short, time and holiday both were wasted plus the scolding from wife was complimentary. 

Now, with online banking it has become very easy to book tickets on the internet. A lot of time gets saved and you can enjoy your holiday. 

Earlier, you had to stand in queues to pay your bills. I still remember a few years back, I went to the ‘Delhi Jal Board’ office to pay my water bill. I had to stand for two hours as it was the last date. By the time my turn came the counter got closed for lunch. I had to wait for another half an hour to pay the bill.

Now, with online banking you can pay easily pay you bill through internet without standing in any queue.

The banking sector has made many things easier for us with internet.

This blog post is inspired by the blogging marathon hosted on IndiBlogger for the launch of the #Fantastico Zica from Tata Motors. You can apply for a test drive of the hatchback Zica today.

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