It’s important to know how the finance industry has changed before starting your career in this field. One example is the use of technology, which has changed the way different procedures work. Here are several reasons why technology in the finance industry is changing it for the better:
- Plastic Money: Credit cards, debit cards and bank cards make it easier to spend money in stores and online. You don’t have to dig through your wallet or write a check for most transactions these days. Pay with your card or use it at an ATM machine to withdraw money.
- Check Your Balance: Your days of standing in line at the bank just to check your balance or bank statement are over, as you can use your ATM card to check this online or at a branch machine.
- Remote Banking: Banks install ATM machines in different areas, allowing you to check your balance and deposit or withdraw money from just about anywhere. Technology in the finance industry even allows you to withdraw money from ATM machines outside of your branch for just a small fee.
- E-Banking: E-banking allows you to access your bank account from your computer, laptop or mobile device. You can check your balance or bank statement, transfer money and inquire about financial transactions right from the comfort of your own home.
- Centralized Information: Branches use this system to transfer information from one branch to another. You can register at one branch, but receive information on your account at another branch under your bank.
- NRI Banking Services: This system is used by countries such as India, USA and UAE. If you need to go abroad for work or leisure, you can use this system to send money to your loved ones back at home.
Whether you’re taking your first step into the finance industry or looking to recruit for your finance company, this information will help get you on the right path.