After demonitisation, Internet and online banking has increased substantially. And this electronic banking has brought banks into your hands (phones) and on to your desks (computers). Using your phone or computer, you can make and receive payments, you can get e-statements (and print them too if you have a printer). Our dependence on a bank employee has drastically come down. This kind of banking over a period of time, would eventually reduce the number of bank employees. The banks would be completely run by computers and data servers. And these equipments have to be manned by a few engineers. So, the number of employees in the banking industry would come down to a great extent. Human labour gets reduced. In any industry, human labour is the most expensive component and that is the reason automation is considered for cutting costs in any industry. Therefore, banks should be looking at charging a customer lesser and lesser over a period of time for services rendered.

After demonitisation, Internet and online banking has increased substantially. And this electronic banking has brought banks into your hands (phones) and on to your desks (computers). Using your phone or computer, you can make and receive payments, you can get e-statements (and print them too if you have a printer).

Our dependence on a bank employee has drastically come down. This kind of banking over a period of time, would eventually reduce the number of bank employees. The banks would be completely run by computers and data servers. And these equipments have to be manned by a few engineers. So, the number of employees in the banking industry would come down to a great extent. Human labour gets reduced.

In any industry, human labour is the most expensive component and that is the reason automation is considered for cutting costs in any industry.

Therefore, banks should be looking at charging a customer lesser and lesser over a period of time for services rendered. more

Helpful Connected Consumers Jun 09

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Shyam Shrivastava

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Oct 31

Stephen R N (Freelance Educational Consultant/Member: Management Teacher's Consortium)

Digitization besides robbing job opportunities to the new breed of emerging youths would also severe human ties rendering you to the mercies of a robot. Only lazy people would prefer a bank in their hands and when someone phisses their account and drains them financially, they would then shout hoarse.With malewares which can breach any security the threat of all the data in our gadgets is real. U.S agencies recently discovered that a particular brand of chinese high end mobile was transmitting data to a china based organization. Is it not an apprehension that China can get into your mobile and use your data relaying it to their Pakistani friend to hack into your accounts? Be wise and see the threat instead of being overwise to brush it away. more

Jun 13

Anand Kumar Gupta

A very valid point has been raised by Mr. Prasanna XD. If nothing else, digitization and phone banking would result in substantial increase in profits of banks. If Govt. really works for welfare of the public, it should lay guidelines for banks to go on reducing their service charges so that additional profits of the banks are shared by the common man too at cost of whom the banks, the industrialists, the businessmen and finally the politicians thrive. more

Jun 13

V.V. Chandrashekhar (President - Skill Development and Educator )

I agree Prasanna on the cost factor ....yes it should come down once the entire operations is highly dependent on technology ...of course the flip side to it is a lot of people would end up loosing their job more

Jun 12

Prasanna XD

Automation v/s Redundancy of human labour is a huge subject that can be spoken for and against at length. Let me give a small example here. I am sure every person who speaks about providing more jobs uses a computer on a daily basis. It would be more practical if that person uses a human assistant instead of a computer to do his/her job, thereby reducing joblessness. But is that a reality and a possibility? Difficult to answer … more

Jun 18

Dipak Himatsingka

It is the need of the hour, coupled with the need for banks to review their charges, so as to help sppeed digitalisation and not increase the burden of additional costs on consumers. Higher number of digital transactions will more than make up for the bank Profits. The Banks must also keep in mind that they are fulfilling a social need and not just a commercial activity. more

Jun 12

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