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Summary

        The world has gone digital. Every step you take outside you will see the evidence of the digital age. Digital technology is now popularly used everywhere. But, is this type of technology also applicable to the Banking systems? In this article, the researchers shall discuss the application of digital technology in the Banking systems.

New Normal Solutions

        The pandemic is real and it has created a tantamount of problems for everyone. With this said, “New Normal Solutions” were established in order to prevent the spread of the disease or even eradicate it completely. There are a variety of examples of these solutions. A great example would be Touchless Service. Touchless service shall facilitate the safety and security of consumers and employees whilst improving efficiency through automation (Nec.com, 2020). To add, the improvement of automation could be achieved through the development of Information Technology. Another example is monitoring of disinfection and verification of cleaning.

Keeping track of sanitary activities is great help for preventing the disease (Sgs.com, 2020). Last great example is improving online activity. Creating an improved online activity shall create a safe environment for employees and staff as they work from home (Ilagan, 2020). Given all these solutions, the businesses and establishments around the world are subscribing to it to be able to operate under the pandemic.

Banking Systems

        When many entities or corporations join together and create a system is known as the banking system (Farooq, 2020). They create this specific institution for raising funds and lending resources in the economic and financial markets. A bank operates by borrowing funds. The funds borrowed are then used to be lended. There are 3 types of bank that are mostly created. First is Private Banking. This type of banking is the professional and global management of the assets of its clients. Second is Customer Banking. With this banking system, it centers on making profitable the relationship with the customer. Finally, there is also Product Banking. It is where placement of products is not based on the client, but on the commercial campaigns.

There are also Commercial banks that play an important role in the financial system and the economy (Frbsf.org, 2001). This type of banking allocates funds from savers to borrowers in an efficient manner.

Queuing System and Video Wall

        With all the stated data above, the big question is “How does a Queuing System and Video Wall help a Banking System?”. Actually, answering this question is quite easy. Given that the world requires “New Normal Solutions” going digital for the Queuing System and the Video Wall is a must. Not only does these two types of digital technology help to make bank processes efficient, but it also has a variety of functions that are for the advantage of the banking system.

First, with this technology customers and employees of the bank could be handled easier through the administrative functions this technology has. Second, this type of technology has already been proven to improve the perceived time of customers. With this said, customers are less likely to be irritated and be more attentive in waiting in line. Finally, most banks have this type of technology already because of the branding and increased sales it brings. Thus, the only thing to do here is to subscribe to this type of technology to make your banks more competitive.

Sources:

Farooq, U. (2020). What is the Banking System? 10 Types of Banking Systems Explained.
Retrieved from https://www.businessstudynotes.com/others/banking-finance/banking-systems-types-and-future-of-banking-systems.

Frbsf.org (2001). What is the Economic Function of a Bank?. Retrieved from
https://www.frbsf.org/education/publications/doctor-econ/2001/july/bank-economic-function.

Ilagan, K. (2020). Digital Solutions for Small Business in the New Normal. Retrieved from
https://www.bworldonline.com/digital-solutions-for-small-business-in-the-new-normal.

Nec.com (2020). Safety, Security and Efficiency with Touchless Solutions. Retrieved from
https://www.nec.com/en/global/newnormal/touchless/index.html.

Sgs.com (2020). Next Normal Solutions: New Services to Help Businesses and Organizations to
Recover from COVID-19. Retrieved from https://www.sgs.com/en/news/2020/06/next-normal-solutions-new-services-to-help-businesses-and-organizations-to-recover-from-covid19.