Introduction to traditional banking Sector:
Banking is the term used when we do all the currency transactions. There are a wide variety of banking transactions which can be done both in a traditional way and also using technology. Before introduction of digitalization in banking sector these traditional methods only were used. Like we have to go to the banks for Depositing, withdrawing, seeking for loan, saving deposits and many more. After online Banking as a Service came into picture complete frame of banking has been changed and everything became so user friendly and hassle free so that the customers can easily perform all their activities without any discrepancy and wastage of precious time. There are a wide variety of types of banking they are:
In this type of banking, we invest our money in the bank based on the suggestions given by banking officers so as to get good number of profitable returns. Now this process became more hassle free as we can connect with banking officers virtually and clear all the doubts and can invest with more efficiency.
This type of banking is most familiar banking where all the customers usually use for depositing, withdrawing, and many other day to day transactions.
In this type of banking, they offer loans for investment in small scale industries by giving assistance to them to develop a startupcompany.
Like this there many varieties of banking sectors which would help their customers to develop themselves and to save their hard-earned money by saving them in the bank. As we all know that technology is growing very vast on daily basis these applications also are being developed user friendly. We need to learn the terms of the new banking process and apply them according to our convenience.
Banking sector main motive is to help its customer to save money, lend loans, do business by investing, and by giving insurance claim kind of schemes to attract their customers, Everything became online and more of physical work got reduced , like entries of each and every data, saving them very carefully so that they cannot be stolen and data is lost, Now everything became online and through cloud computing this online process of banking became so simple that whatever transaction we do gets stored in the cloud and can referred for future and cannot be deleted or hacked. This really is a boon for banking sector which reduces more time on maintenance and can concentrate on increasing their customers.