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Sunday, March 3, 2013

Transformation of Banking and Transaction Systems by Josef Toth

There was a time when the whole banking and commerce operations were manual. It was a tedious task for people working in Banks and large departmental stores to manage heavy transaction volumes. But, gone are the days when people used to spend most of their time in the queue at banks and departmental stores while withdrawing their salary or purchasing monthly grocery.
Now the computerization and web integration of almost every banks and financial institutions have turned the whole way of banking and commerce. Due to this transformation, the hassles of being in queue during salary days and monthly grocery shopping are over. The benefits of transformation in banking and commerce are not limited to only reducing long queues only.
The introduction of latest payments methods like credit cards, ATM cards, and other forms of automatic payments are some added benefits of banking automation. After advent of internet, the process became more flexible and convenient for customers as well as service providers. Now people don't need to visit their banks again and again for withdrawing or depositing money. They can perform most of their actions online.
Mobility in Banking and Commerce
Nowadays with help of Core Banking and Online Banking services people can carry their bank accounts with them everywhere. With help of ATM Cards directly linked to their bank accounts they can do shopping and other payments with ease. They no longer need to carry cash along with them everywhere.
Credit cards are among other significant gifts of this transformation in banking and commerce. Now, you can do shopping and enjoy holidays and travel without paying a penny from your savings. You can pay by your Credit Card and repay your credit card service provider later. Almost every bank offers Credit Cards to their customers. You can have a credit card linked to your bank account, and the amount will be transferred from your bank account for credit cards payments automatically as scheduled by you.
Cashless Transaction Revolution
The latest trends reveal that now more and more people are going cashless. It is safer as well as convenient for people. They prefer paying via their ATM Cards (not their credit card, due to fear of overspending). The excess use of ATM cards encouraged merchants, store owners and pubs to install Cashless ATM's at their place, so that their customers can pay them via ATM.
This is a growing trend in modern economy. It resulted in growth of cashless ATM's manufacturing. Nowadays, it is very easy for a store owner to purchase or rent a cashless ATM, so that they can lure more and more customers to their stores.

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