How has online and mobile banking as a result of technology, improved the banking sector?

1. Convenience: Online and mobile banking have made it easier for customers to access their accounts and conduct transactions from anywhere at any time. This has eliminated the need to visit a physical bank branch, saving time and effort for customers.

2. Accessibility: With online and mobile banking, customers can easily check their account balances, transfer funds, pay bills, and perform other banking tasks without having to wait in line or adhere to traditional banking hours.

3. Cost savings: Online and mobile banking have reduced the need for physical bank branches and tellers, leading to cost savings for banks. This has allowed banks to offer more competitive interest rates and lower fees to customers.

4. Enhanced security: Online and mobile banking platforms have implemented advanced security measures such as encryption, multi-factor authentication, and biometric verification to protect customers' sensitive information and prevent fraud.

5. Personalization: Online and mobile banking platforms can analyze customers' transaction history and behavior to offer personalized financial advice, product recommendations, and targeted promotions.

6. Improved customer service: Online and mobile banking platforms have enabled banks to provide faster and more efficient customer service through chatbots, automated responses, and real-time support. Customers can easily reach out to their banks for assistance without having to visit a physical branch.

7. Innovation: Online and mobile banking have paved the way for the development of new financial products and services such as mobile wallets, peer-to-peer payments, and robo-advisors. This has increased competition in the banking sector and led to greater innovation and customer satisfaction.