Banking on change

Banking on Change
Name
Institutional Affiliation
Banking on Change
Technology changes come with incorporation in different industries and economic sectors. The banking industry represents a critical economic sector that has embraced various technologies over the years. These technological innovations within the banking industry came to with the installation of the first cash machine in Enfield, London (De-Waal, 2017). Since then, most technologies in the banking sector have been focused on centralizing banking operations and various transactions in people’s lives.
One such technological advancement that the banking sector has embraced is internet banking whose evolution began in 1983 with the bank of Scotland (De-Waal, 2017). The bank utilized television and telephone to create a home link and facilitate transactions. Second technological advancement is a smartphone which has revolutionized banking. Through the smartphone technology, banks offer products in a revolutionary customer experience that omits the requirements of traditional banking that include queuing. A third technology available in modern banking is online-only banking which utilizes apps that detail traditional banking transaction allowing for budgeting and improved spending.
The changes in banking with the incorporation of new technologies have impacted the social and economic life of different nations. One impact of technological innovations in banking that is both social and economical is the creation of the one-stop finance webshop (Türk et al.

, 2003). Banking customers utilize the platform to access financial solutions that are combined and customized to their needs. The overall economic implications, therefore, include the range of impacts termed as ‘innovation effect’ which result in the increase in demand for digital service education and business models along with an increase in automation of services (Katz, 2017). The social implications, on the other hand, include social inclusion with illustrations that include access to banking information and services that allow users to integrate their banking needs with available technologies.
References
De-Waal, S. (2017). How Technology Has Changed Banking. Waggener Edstrom Communications (“WE”), Retrieved from https://www.we-worldwide.com/blog/posts/how-technology-has-changed-banking
Katz, R. L., (2017). Social and Economic Impact of Digital Transformation on the Economy. ITU/BDT Regulatory and Market Environment Division/GSR‐17 Discussion paper, Retrieved from https://www.itu.int/en/ITU-D/Conferences/GSR/Documents/GSR2017/Soc_Eco_impact_Digital_transformation_finalGSR.pdf
Türk, V., Kuhndt, M., Alakeson, V. Aldrich, T. & Geibler, J., (2003). The environmental and social impacts of ebanking; A case study with Barclays PLC. DEESD, IST-2000-28606 Digital Europe: ebusiness and sustainable development, Retrieved from https://www.forumforthefuture.org/sites/default/files/project/downloads/online-banking-case-study.pdf