Innovations in the Banking sector

Innovations in the Banking sector
Every corner of the earth is catching up with innovations. From the agricultural sector to the mining field, technological innovations have become mundane. Working through traditional means has become a thing of the past, or at least uncommon in most sectors and industries. The banking sector has not been left behind as it is flooded with a plethora of innovations and technological solutions that aid consumers in banking and bring banking services closer to clients. Common innovations include:
E-banking
This method of innovative banking enables clients to carry their transactions through secure websites. Advantages of e-banking include:
• Convenient transactions
• No need for long queues
• Account opening becomes easy and simple
• Consumers can apply for loans
• Stock trading and investments
Core Banking
Core banking refers to the services offered by a group of bank branches that have been linked to facilitate transactions from any of the branches in the network. This innovation is mostly associated with retail banking and many banking institutions treat their retail clients as core banking consumers, and hold a separate line to manage their businesses. Bigger businesses are managed through corporate banking sections of banking institutions. Advantages of core banking include:
• Easier depositing and loaning of money
• Core banking services
• Better assessment of the needs of consumers
Rural Banking
Rural banking offers and regulates credit services for the development and promotion of rural sectors especially in village, SSI, agriculture, and handicraft industries.
Innovations are greatly needed in the banking sector, and flexing the archaic regulations flooding the sector can assist in increasing the access of banking services to people. Flexing the rules and removing barriers will allow even more innovators than are currently in the sector to develop products and start-ups that will make banking easier, fun, and more accessible.

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