Essay - Automation in Banking Industry – Boon or Bane? | SBI PO, BOB Manipal, NICL AO 2017 Descriptive

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Automation in Banking Industry – Boon or Bane? – Aarushi Mathur

A target for high quality life is something all economies around the world want to achieve. Turning dreams into reality, making things happen at lightning fast speed, doing quick transactions, greater satisfaction, less manual labour in combination with security; is what needs to be accomplished in order to gain automation. Banking industry plays a vital role in deciding the growth and development of an economy. In the recent years, we have seen a major reform in the banking sector of our country; digitisation. Basically, it is something that reduces the manual work and get things done in a matter of few minutes. It has made things easier not only for the customers but also trimmed down the long queues in the banks.

But, the traditional thinkers have debated long enough on deciding whether automation in the banking industry is a boon or a bane. A set of criticisers say that it will take away millions of jobs overnight. Keeping in mind the rate of population growth of our country and the parallel growth of unemployment, there is definitely a need for generating jobs. Technological advancement that leads to replacement of human beings with machines will be a negative impact in this regard.

On the other hand, the fact that it will play a major role in bridging the gap of developing and a developed economy cannot be denied. Smarter way of doing things has never hurt any economy. Although, it should also be kept in mind that the loss of employment should be simultaneously pacified. We need to accept the fact that this change is inevitable. The only way to curb the negative impact is to accept and try to alleviate it.

In times where every pity job, from transferring money from one account to another to approving a housing loan, is possible online, human labour is losing its importance fast. But, we should always remember, technology was invented to make our work easier and not to make us a slave instead. No matter how quick automation makes things in a banking sector, it will always need a manual assistance because it follows instructions given by a human.

Automation will be a need for all in the near future. Services that are accessible and affordable at the same time will bring systematic improvements in the society. Rural banking will go hi-tech in no time, benefits of various schemes will be transferred swiftly, and banking will no more be a task of stress. Efficiency of the banking industry will multiply and bring multi-fold growth in the industrial sector of India.

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