Advantages disadvantages in technology in banking sector

Communication is thus enhanced, and companies can communicate more easily with foreign countries. Research is also simplified In the world today, people cannot live without technologies such as televisions, mobile phones, computers and others. To understand technology, one must know what it provides in terms of advantages, but also disadvantages. Tech Events Diary Advantages of technology First, the evolution of technology is beneficial to humans for several reasons.

Advantages disadvantages in technology in banking sector

The fallout from these changes is often unexpected. When cellphones began, they offered an alternative to land lines. Decades later, they've replaced cameras for many people and are the primary tool for accessing the internet. It's an ongoing process, so a company that's king of the market today may start sliding into oblivion tomorrow.

Advantages disadvantages in technology in banking sector

Cutting Staffing Technology has contributed to reduced employment for years, but it's hit a fever pitch in the 21st century. Recorded "press one for sales, two for service" answers reduce the need for receptionists. Automated checkout lets stores cut their retail staff.

Wikis and other sources of online information can help customers without assigning a staff person to explain things. The drawback is that the savings come at the cost of customer satisfaction.

Customers who sit through a long list of "press" options and can't tell which they need don't enjoy the experience. Automated checkouts actually take longer for customers to use than dealing with human cashiers.

Embracing the latest staff-cutting tech can leave customers with a negative view of your company. The Cutting Edge Being on the cutting edge of technology can bring great rewards. Amazon crushed its bricks-and-mortar competition by offering books for sale over the internet. Uber and Lyft have reinvented transportation and taxi service with their apps.

Tech advances open up entirely new possibilities for making a profit. However, the cutting edge rarely stops cutting.


For example, in the early 21st century, BlackBerry's mobile was the state of the art in handheld communications. Market share made it conservative, more concerned with maintaining its success than meeting new challenges.

In the face of the iPhone and Google's Android, it stumbled, fell and didn't get up. Improved Communication Business communication has gone light years beyond the 20th century. With cellphones, you can contact your employees anywhere, hold web conferences to deal with urgent problems and trust employees to coordinate their work even when they live a thousand miles apart.

Customers can place orders on your website in the dead of night, or using an app on their cellphones. If there's a crisis, a customer with an urgent complaint, an IT problem that needs instant fixing, companies can reach their staff in the middle of meals, movies or even vacations.

As employers become more insistent on instant action, employees may feel increasingly stressed. Ripple Effects Technology advances in one field frequently spill out and affect others. For instance, if driverless cars become a safe, successful reality, that will obviously affect the car industry and the market for professional drivers of all sorts.

It will also allow today's drivers to spend their work commute shopping online or watching streaming video rather than watching the road, which could bring in new revenue to internet firms. Convenience stores, motels and roadside eateries may see revenues drop if drivers don't feel the need to stop and take a break.

Like many tech advances, driverless cars will create winners and losers who never saw it coming.Home / Technology / The benefits of technology in banking.

Advantages disadvantages in technology in banking sector

In fact, one might argue that the impact of technology in the banking sector has meant that we now have no excuse for being overdrawn or not paying credit card bills on time!

Advantages and disadvantages of solar energy.

Advantages and Disadvantages of Information Technology in Retailing

The advantage is ideally greater stability, more muted boom and bust cycles, and therefore fewer asset bubbles and fewer recessions. There might also be less misallocation of resources (because of fewer bubbles and recessions). The advantages of computers in the banking sector include accuracy, speed and the opportunity to notice trends.

Observing this can allow beneficial and directed interactions grooming customers.


Limitations of Using Information Technology in Retailing. 1. Originally IT was used by retailers to automate control services such as finance, pay roll, and management accounts. Electronic point of sales systems can be afford only by a very few department stores.

Basically, retailing is a . From the "horseless carriage" to the internet, technology advances continue to transform the business world.

The fallout from these changes is often unexpected. Advantages Disadvantages In Technology In Banking Sector ´╗┐The advantages and disadvantages of communications technologyThe mobile phone has many advantages and is easy to contact friends and family.

Since the first mobile was created we have been able to make calls to anywhere in the world by the click of a button.

Disadvantages of Information Technology in Banking