5 Technologies That Changed People’s Banking Habits In India

Outlook Money

Automated Teller Machine (ATM)

The long bank queues for cash withdrawal have reduced significantly due to the ATMs.

Cash Deposit Machine (CDM)

Customers now prefer CDMs to deposit money instead of visiting their bank branches as they are more convenient and queues are shorter. 

Unified Payments Interface (UPI)

UPI has proved to be a catalyst in keeping the economy running smoothly during the Rs 500 note withdrawal and pandemic. 

Biometric Technology

Pensioners who used to go to their bank branches every year to submit life certificates can submit it using the biometric-enabled mobile app and Aadhaar details.

Central Bank Digital Currency (CBDC)

CBDC is in the pilot mode and RBI is exploring different use cases for it as they are finding their firm ground in India’s banking sector.

Compiled By Himani Verma

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