After 1990, the real shift toward digital banking began. The advent of internet and mobile technologies enabled online and mobile banking services. Customers could manage their accounts from the comfort of their homes. The emergence of digital payment systems made online transactions easier. The launch of the iPhone in 2007 accelerated the development of mobile banking apps.
Technological advancements, changing customer needs, and regulatory requirements have brought significant changes to the banking sector in recent years. Before 1960, banking was traditional. Banking services were provided only within the bank’s branch buildings that is, within the four walls. Customers had to visit the bank in person during business hours to conduct any banking transaction. All transactions were carried out in cash. Later, the use of cheques for transactions began. After the introduction of ATMs, banking transactions started taking place beyond business hours and outside the bank premises. ATMs revolutionized banking by providing cash 24/7 and reducing the need for physical branch visits...(To continue, open the magazine)