Technology

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Technology in our lives - Modern Banking Services enhanced by Modern Technology: Tech-downloadg723e09ca81751c6faeed4d059a3547e95e8f4f11c8e98050bebfadcc266a3d6b36f82c31432c687567775317aaf2c24f221bba900f3a694e2b355fd946dbaf47f8a5e0e555bf82defdb2504122cd263e_1920.jpg)

Technology has to do with modern inventions that facilitates human activities. In this case the Banking sector is a major beneficiary with several Online tools that helps in no small measure to making banking less stressful.

Bank and Banking is the heart and soul of any given economy, and extensive research and development was and is still being conducted and deployed to banking transactions, making it easier, faster and more convenient.

In the ancient time, banking was not a common feature in the society. So our forefathers had foul proof and ingenous ways of saving their hard earned money and carrying out effective business activities. This was the projenitors of the famed trade by barter system when exchanges were conducted with commodities of equivalent value, size and measure.

To save money, people dug out the floor of their houses, arrange it well and keep money or other family valuables therein. Another method was the isusu (corporative union) in which who ever hosts the group collects the monetary contribution of the members for that day, week, month or year as stated in their constitution. And in receiving other member contribution pooled together, he or she was obliged to comply by paying for the next person in the near future.

Some of the Banking Technologies include:

1. Automated Teller Machine ATM

2. POS - through which money was transferred to any location in the land, saving one the risk of moving about with physical cash.

3. Receipt of Alert each time money is paid into one's account at the other end.
   

Problems Created By Technology in Banking Services.

1. Technology in Banking Services has caused mass sacking of bank employees. It is a major contributor to the high rate if unemployment. Jobs normally mean for 10 persons is being carried out by 2 people as a result of technology.

2. Inducing laziness in people as they no longer take pains to rask their brains. Most transactions are done Digitally (Online).
   

3. Technology has caused the management of Banks to spend huge somes of money, mostly in hard currency and expatriate technical team, procuring, installing and maintaining these America Wonder Machines.
   

Solution to Problems Created by Technology:

1. Improvement in education - part if the solution to Problems Created by Technology is that there has to be conscious improvement on the qualitity of education in the land.Attention should be given to good quality books and research findings and publications alongside qualified and skilled personnel.

2. Technical and vocational education with functional facilities and modern tools should be given priority attention.

3.  Research grants should be appropriated to tertiary institutions for development. Polytechnics should have nothing to do with arts, social sciences in their curriculum. They should lead the way in technological revolution by innovation and invention, consultancy to the industrialists and other sectors.
   

4. Professional bodies in IT/ICT sector should seat up and ensure they maintain a high standard of practice and quality assurance.

Assessing the Performance of My Bank as regards Technology:

Just like every other responsible corporate citizen, my bank management are doing the utmost to survive the stuff competition in the financial sector of the economy.

The global recession occasioned by Covid 19 Pandemic was being felt both in public and private sectors of the economy. But the resourceful management of human and materials at their disposal is helping them to stay afloat.

The characteristics that stand them out include:

1. No matter how little the amount of money in my account in Access Bank, I would be allowed into the banking halls to make withdrawal, quiet unlike other banks that rigidly insist on every person queing up at the ATM unit to withdraw amount less than N50,000.

The icing on the cake is their policy of attending promptly to elderly customers first, no matter the pressure. I have been observing and benefitting from this unique marketing strategy in their branch in my community, Ekeahiara Mbaise. Out of the six banks that operate there, they are so far the only one doing this.

Tactfully and intelligently, about two of their staff, a man and woman are usually given this assignment.

The Banking Hall could be crowded, especially at the beginning of each week, yet the process of identifying and attending to senior citizens, ostensibly in order of seniority, leading to where each one was attended to, and in a courteous manner was done with the deployment of ICT tools.

By my own assessment, this is a unique selling point that has in no small way soared the image of that particular bank.