Technology advancement the role of it need to expand

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technology advancement, the role of IT need to expand as it become crucial to the digital banking sector. If banks still using the old version system, they will face many problems such fail to backup customer’s data, low security and protection and thus, will losing customer’s trust. 4. Technical Issues When we talk about online banking, the common problem that always arise is related to technical issue. Technical issue can make huge losses where they can generate substantial losses if their systems crash or if there are bugs in their code. A single technical issue that causes a bank to be down for a day could cost the bank millions in losses thus it will affect the management of the bank. In addition to that, bank customers who may not be able to
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make payments or conduct transactions during the time that the site is down can make those consumer feel unsatisfied and bank may also loss their customer. 5. Security With online banking, cyber criminals simply need certain personal information to break into a person’s account and steal their money. It can be done anonymously, and involves significantly less physical danger than in the past. Even though, all depositors money are secured but this kind of problem should be avoided.
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