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Technology is not limited to just healthcare and transportation which we reviewed earlier. It also has a place in banking system as it has made the storage of our valuables safe as there's no panic or tinge of fear by the owner. Before now, man had means by which they saved their valuables, below are some;

• Walls; in ancient times, our ancestors dug holes in walls and saved their money there but this wasn't safe in cases of natural disasters

• piggery banks; before now, people stored their money in molded clay pots, or wooden boxes of which they buried under the soil for safekeeping

• Inside the mattress; thus particular one is actually funny, we realize that people kept there valuables under the bed, pillows etc. This is still done by old people in our days

• Card markers; these are trusted individuals who moved from one place to another with the aid of bicycles of get money from people and safekeep them until when needed, they saved this money with the aid of cards to keep records

The above methods have been replaced with more efficient banking system with the aid of technology, let's have a look

1. Mobile transfer; no more queuing in financial institutions just to send money across to friends and loved ones. We can transfer money, check balance,buy airtime, pay bills in the comfort of our home with the aid of our bank app on our smartphones

2. POS services; those who do not have smartphones are also prone to enjoying many services without having to go to the bank. One can do what mobile transfer does with the aid of POS services around us

3. Debit/credit cards; the bank has made provisions of well programmed debit/credit cards to it's customers to enable them get their money at their own convenience without having to visit the bank. These cards are personal and the details known only by the owners

4. Automated teller machines; these are banking technologies that are normally found outside the banks, this machine helps individuals to get their money at ease saving them the stress to go into the banks. It is very efficient in cases of emergency and could only be operated with the use of debit/credit cards

We all know that every advantages do have disadvantages as well and banking technology is not an exception. Let's see some of the major problems associated with banking technology

A. Hackers and computer wizards have been able to pry into people's banking information. Hence, they carry out fraudulent activities and rob people of their money

B. Network problems; Due to bad weather conditions or external factors, people find it difficult to either send or receive money using their mobile phones

C. Some banks have not been able to offer satisfactory services to their customers

D. Technical issues may arise unexpectedly thereby putting some services on hold

The above could curbed, reduced or prevented if the following could be done:

i. Banking platform should be in a form of block chain so that all activities can be duly checked and monitored. This way, hackers won't be able to pry into the system

ii. The various technical issues should be addressed immediately it is noticed

iii. The system should be upgraded regularly in a way that it offers satisfactory services to its customers

I'm actually banking with UBA and to be sincere, I'm not satisfied with their services. Earlier this year, #8000 was debited from my account of which no refund has been made, their charges are also very high. Recently I've created an account with Access bank and I'm a novice on their banking services as a new customer

Technology has created much impact on our banking system making life easier and convenient but if care is not taken, banking technology could affect us negatively.

@ijelady
@samuel20