Transformation of the traditional banking sector by Benjamin Choukroun

TRANSFORMATION OF THE TRADITIONAL BANKING SECTOR

BY BENJAMIN CHOUKROUN

Banking is that’s the sector of a country that runs the economy. The banking sector allows the people in the economy to save and invest their earnings. In the 21st century, nobody has any spare time to walk or travel to the bank for their banking needs. Almost all banking transactions are possible over the internet. During the ongoing pandemic when everything was closed, people began to see digital banking differently. Everybody started using digital banking for their needs. The supermarkets and other shops refused to accept cash and cards in fear of catching the virus. People began to use digital money to pay for their groceries and other requirements. The banking sector has slowly but surely transformed digitally. The paperwork involved in the banking sector cannot match any other. The administrative aspect of the banking sector has been digitalized with the help of professionals.

Benjamin Choukroun believes that good Administrative Support is the need of every business .

The advantages of digital banking

Convenience- A person should be able to carry out his banking

transactions conveniently without worrying about running to the bank. Digital banking allows us to bank from the comfort of our homes. There is no need to leave a vital job to go to the bank worrying about bank timings. The people have access to their accounts 24 hours a day and 365 days a year. They do not have to worry about bank holidays and weekends.

Eco-friendly- The banking sector uses and wastes the maximum amount of paper. Digital banking helps the banking sector save stationery. The paper trail of the banking sector is digitalized, which allows the bank employees to breathe a little easy.

Automated payments: With digital banking, people can set automatic payments for the disbursement of utility bills. It allows the customer to avoid penalties and interests charged on late payment.

Online Shopping: The pandemic has taught everybody to shop online. Some sights do not accept cash on delivery. In this case, the payment is transferred digitally. It has become convenient to shop from the comfort of one’s home.

Greater Reach- In the olden days, when there were no banks in small villages’ people would either hide all their money and valuables in their houses or walk to the nearest branch. Digital banking has allowed banks to reach the remotest villages. People from the villages also benefit from the banking facilities available.

Reduces counterfeiting of currency- With the increased use of digital banking, the risk of counterfeit money is reduced. Digital banking does not involve the actual movement of paper money. The transaction takes place between two banks rather than two people.

More Privacy and security- Digital banking allows the customers to transfer and receive money from the comforts of their homes rather than carrying big bags of money to and from the bank.

Digital banking also provides more security by transmitting encrypted data.

The banking sector has become one of the most technologically sound sectors of the country. The administrative support system has also been digitized to allow the employees to concentrate on more productive aspects of the job. Digitalization should be done with the help of experts like Benjamin Choukroun Electronic Check.

SOURCE CREDIT: https:// benjaminchoukrounelectroniccheck.blogspot.com/2021/12/trans formation-of-traditional-banking.html

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