The role of technology in modern banking

I’m Steve Sorensen, a CPA who’s all about finance and banking. I love sharing all the wonderful things about the financial and banking industries, and I love giving financial advice to just about anyone.

For this blog, I wanted to discuss the huge role technology plays in modern banking.

The practice of banking is well over 500 years old, with the first bank being built in 1472. Over the centuries, the modes of banking have changed with a number of factors being catalysts for the transformations. One of the most prominent of these factors is technology.

Technology changes just about every industry, including banking. Today, with the world being digitized and the internet being a universe on its own, a universe that connects to the real world, banking has turned towards digitation as well.

Modern banking has made good use of technology and digitation. For starters, people can now perform transactions outside the bank. ATMs were one of the first means of withdrawing, depositing, and inquiring about one’s finances. However, technology has advanced by leaps and bounds and now, anyone with a smartphone (which is just about everyone) can do online banking. This makes things a lot more convenient and lot less time-consuming.

And that’s just the tip of the iceberg.

Technology has affected almost all the processes of banking, from identification of clients to security of funds. And there are more things to look forward to for the modern banker, that’s the Steve Sorensen guarantee.

Steve Sorensen is a Certified Public Accountant who gives financial counseling to a wide range of clientele in both the public and private sectors. For quick updates, follow him on Twitter.