Technology in our lives - banking services enhanced by modern technology | by @justiceanietie

It's another great privilege to be here again. I am very happy to join in this contest and i trust we all are doing good. I will be discussing about technology in Banking.

Technology in Banking

Technology in banking has really help in improving the banking networking system and equally helped in transaction process.

Technology in banking has brought about digital banking which is very effective and efficient. This has really played an important role in the banking industry. Now we can do transactions using smart phone, Point of sale (POS), and bank Apps etc.

How do people save money before the invention of banking technologies

Looking back on how money was saved by our parents before the invention of banking technologies can simply be traced to the history of barter system.

If we talk on how money was saved before banking technology came to be without looking at barter system of trading, it means we are on a wrong site. Because the idea of money came through where we had challenges of measuring
One basin of garri to ten tubbers of yam.

After this stage, there were some important valuables which has value and were regarded as money. For example:

• Animal skin
• Salt
• Weapons

The value of the above was even still negotiable but it was used as a medium of exchange. We all can bear witness that the introduction of money helps to easy business transactions as well as speed in our careers.

However, there were different options of saving money by our parents before banking services came into existence. Some of this methods can be seen below:

Source

1. Saving Box: Saving box was one of the local ways one can save his money and many persons adopted this method in saving their money.

The advantage of this method is; you have access to your cash whenever you wish to without delay since the money is kept at home.

But there is also disadvantage of this method because it can be easily used up, since the cash can be easily accessed. Secondly, it can be stollen by anybody around the house.

1. Saving money under the Bed: Some people saved their cash under the bed, due to lack of technology like the financial industry. But that way was very special to them because it eliminates fraudulent transactions and absents of reconciliation of accounts.

Keeping of cash under the bed was a perfect way of saving money by our parents and this cash was near to them and can be assessable when needed.

But when there is fire outbreak, it might leads to the beginning of a new life because all the life savings has gone.

1. Saving Money inside the ground: My father told me a life story how he saved money using this method.

But there was a challenge he had for over a long time when he was out of town, and he heard that the federal government has changed currency, so he decided to come home but the waste thing was he could not see the money or locate where he put the money on a particular area. This are some major ways our parent saved their money.

What are some banking services that technology has made possible?

There are numerous banking services which technology has made simple. These may include:

• Cash deposit/ Withdrawal: Cash deposit and withdraw can be done easily without going to the bank to queue up. Now one can make withdrawal and deposit from POS and this technology has really make this process simple and easy for people.

• Loan: The invention of technology has made it easy to assess loan online. There is no need for collateral before you can assess loan from the bank. Now you can assess loan from fairmoney, easymoni, easybuy etc. Here you only need to give them your BVN, NIN, and all your information to assess the loan.

• Smartphone: Smartphone has really ease bank services. Now one can check his bank account balance via phone by using the assigned bank code or the the mobile bank Application. You can make transfer with your phone to other banks in just a minute.

• POS: POS has equally lesson the stress of going to bank for withdrawal and depositing cash which is very good and this ease business transactions.

• ATM Card: Technology has brought about ATM card which in time pass, it was cheque book or withdrawal slipped. With your ATM card, you can make your withdrawal from any bank without limit.

• Finger Print: Technology in banking sector has help us to make withdrawal of our cash by just using our finger print at the ATM machine.

What are some problems that banking technology has created?

The major problem which banking technology has created is Fraud. Some persons now are experts using smart phones to extract cash from people's bank account without the idea of the owners.

Your ATM card can be used to buy goods online and you will not receive alert from the transactions unless you go to the bank to make findings.

You can receive a massage that you Have won some amount of money, that you should send your account number and bank details, then once you send it, they will send a code to your phone and call you to resend the code to them immediately so that they can do the transfer to you. If you don't have the knowledge and you send the code to them, all your cash will be wiped out immediately. This is high level of fraud in the banking sector through technology today.

Suggest ways of solving these problems created by banking techology.

The security code of one's account is not strong enough for fraudsters to stay away or for one account to be secured. Based on this, i suggest that banks should look for a more secure measure to implement in order to secure people assets.

Many crypto Apps has Google Authenticator which helps to secure the user account more. I have discovered that this method is the best because it's only the owner that have access to that code.

Now if the bank can create a code like that so that before a customer can withdraw cash, he/she must make use of that code, i thing it will reduce fraud in the banking sector.

Are you satisfied with how your bank is performing as regards technology services? Be detailed.

We i used Zenith bank and GT bank and they are really trying in terms of technology. But sometimes zenith bank service will go off.

There was a day i was having just #5,000 and i went to access bank ATM to make withdrawal, but due to lack of service in my bank, i could not cash out but i later went to zenith bank to cash out but i was debited and i waited over an hour but the cash was not returned. I feel bad and went home without money.

By this i was not satisfied with the service rendered. Sometimes my account will be credited but alert will no be sent to my phone. I had to check the bank App to confirmed it. I believe this is caused by the bank network and it should be fixed up.

Conclusion

Technology in the banking sector has really help us to come out from suffering. Now we can do our transactions from home via our smartphone.

Many people use POS to do their transactions even the use of finger print as stated above.

But to keep this accounts from fraudsters, banks should make provisions for more secure code that only the account owners should have assess to.

Thank you for your time.