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The banking industry has greatly benefited from digitization. Now, you can easily check your bank account balance by just giving a missed call. We all enjoy getting a text when we receive our salary in our bank account. But did you know that you can check your account anytime you want. Just call the special phone number assigned by your bank and hang up without answering.
Mobile banking is when you use a smartphone or tablet to check your bank account, manage your money, and do other banking tasks. Most banks now have a mobile banking app. These apps are easy and safe to use. You can access them easily even when you are not at a bank or ATM. Earlier, we talked about Missed Call Banking. It means that all BoI customers can call bank of India balance check number and find out how much money is in their account. Mobile banking is the same as internet banking, except the the use of a connecting medium like the Internet.
Balance Check Number: SMS
The balance check number for sending an SMS is a special phone number given by your bank. You can use this number to check how much money is in your bank account by sending a text message. All you must do is send a particular word in a text message to this number, and you will get an automatic reply with information about the amount of money in your account. This way is easy for people who like getting account info fast on their phones without calling.
Balance Check Number: Call
The balance check call number is a phone number given by your bank that you can call to find out how much money is in your account by talking to a person. When you dial this number, a computerized system will help you find out how much money is in your account. This way is good for people who like to listen to their balance information out loud and might not like texting.
In India, there are many banks and each bank has its own number to check your account balance. Some of them are as follows:
- HDFC Bank: 18002703333
- Bank of India: 1800220229
- Bank of India: 9266135135
- Canara Bank: 9015483483
- Karnataka Bank: 9880654321
- Union Bank: 9223008586
Increase in demand for no-touch payment mediums for convenience:
The increasing need for online shopping and the requirement for payments without physical contact during the Covid-19 pandemic has helped technology in the banking system to grow. The concepts of AI transformation, blockchain, NFT, AR, and VR are becoming essential for the future of the industry. For example, Missed Call Banking is a service that lets customers know about their bank accounts by calling the bank’s phone number from their registered mobile number and hanging up without speaking. They can see how much money they have and see a short record of their recent transactions without talking to a person. For instance, if you are a customer of Union Bank, you can just make a call and hang up on the union bank balance check number using your registered mobile number. Then, you will immediately receive your account information.
Security in Banking Technology
With the shift to digital medium of banking the risk of Online frauds seem ever increasing. To control the misuse of digital platforms banks have adopted several security measures to curb out potential risks and cyber thefts. It is also known as Cyber security in banking.
Cyber security means using different tools and methods to protect networks, devices, and information from being attacked or damaged by things like viruses, hackers, or people who are not supposed to have access to the information.
The main goal of Cyber security in banking is to protect the user’s money, information, and assets. As more people stop using cash, they start doing more things or buying things online. People use their digital money, which is like debit cards and credit cards, for transactions that need to be protected and secured on the internet. The major types of Cyber threats in the financial system are:
- Phishing
- Malware
- Unencrypted Data
- Spoofing
- Data Manipulation
To fight these common forms of cyber threats, there are cyber security measures like:
- Anti-Virus/Anti Malware System
- Combined Security
- Multi-factor authentication
- Cyber insurance
- Consumer Awareness
AI’s Influence on banking sector:
AI is now present in every part of society, including the banking sector where it is very important. Artificial Intelligence (AI) is making significant progress in the banking industry in India. It is using advanced technology to predict and make decisions, which is leading to major improvements in providing top-quality financial services to customers.
For customers, AI is used in banking to create chatbots and virtual assistants. These AI tools can always help customers, answer their questions, and even recommend personalized offers. This means that people do not have to talk to another person to get help. This makes things easier and faster, making customers happier.
Banks use AI to predict, identify, and stop financial fraud. AI algorithms can look at many transactions and figure out if someone is being dishonest or trying to trick others.
Future of Technology in Banking:
The future of banking in India will be digital. Advanced technologies such as AI, data analytics, blockchain, and open banking will change the way banks work. This will make things easier, faster, and more accessible for customers. But it is important to deal with the problems that come with digital transformation, like cyber-attacks and the need to teach workers new skills. Indian banks can be leaders in the global banking industry, helping more people access financial services and boosting the economy, by using new technology while following the rules and keeping customers’ trust. If you have any problems with banking, you should ask a banking lawyer for help to make the process easier.
Conclusion:
The use of technology in banking is a good opportunity for the financial markets in India to become easier and better. It can improve how customers interact and relate with the banks. In the past few years, there has been a big increase in people wanting and asking for personalized services. This includes the banking industry as well. They need to learn how to offer open banking and personalized service without forgetting about security when using digital platforms. Banks should get ready for big changes and take advantage of the benefits that new technology brings. This will help them satisfy their customers and stay ahead of their competitors.
