Banking on change

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Banking on change

Category: Literary analysis

Subcategory: Finance

Level: College

Pages: 1

Words: 275

Banking on Change
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Institutional Affiliation
Banking on Change
Technology changes come with incorporation in different industries and economic sectors. The banking industry represents a critical economic sector that has embraced various technologies over the years. These technological innovations within the banking industry came to with the installation of the first cash machine in Enfield, London (De-Waal, 2017). Since then, most technologies in the banking sector have been focused on centralizing banking operations and various transactions in people’s lives.
One such technological advancement that the banking sector has embraced is internet banking whose evolution began in 1983 with the bank of Scotland (De-Waal, 2017). The bank utilized television and telephone to create a home link and facilitate transactions. Second technological advancement is a smartphone which has revolutionized banking. Through the smartphone technology, banks offer products in a revolutionary customer experience that omits the requirements of traditional banking that include queuing. A third technology available in modern banking is online-only banking which utilizes apps that detail traditional banking transaction allowing for budgeting and improved spending.
The changes in banking with the incorporation of new technologies have impacted the social and economic life of different nations. One impact of technological innovations in banking that is both social and economical is the cre…

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