The history of technology in banking began with the use of punch card machines as accounting machines or ledger-keeping machines. The use of technology, at that time, was limited to keeping bank books. It developed further with the birth of the real-time online system and the great improvement of telecommunications during the late 1970s and 1980s. It led to a revolution in the banking field with the buzzword “convenience banking”. Through Convenience banking the bank is brought to the customer's door. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The 1990s saw the birth of distributed computing technologies and the relational database management system. The banking industry was simply waiting for these technologies. Now, with deployment technologies, you can set up dedicated machines called front-end machines for customer service and risk control during batch mode communication without hindering response times on the front-end machine. Intense competition has forced banks to rethink the way they run their businesses. They had to reinvent and improve their products and services to make them more beneficial and economical. Technology in the form of e-banking has made it possible to find alternative banking practices at lower costs. More and more people are using electronic banking products and services because a large part of banks' future customer base will be made up of computer-savvy customers, banks must be able to offer these customers products and services that allow them to bank electronically . If they fail to do so, they simply will not survive. New products and services are emerging that are set to change the way we look at money and the monetary system. 24-Hour Banking Services E-banking makes it easy for customers to perform basic banking transactions around the clock globally. Actually there are no limited office hours for E-banking.Convenient Banking. Customers can perform basic banking operations by simply sitting in the office or at home via PC or LAPTOP. No personal visit to the branch is required for routine basic operations. Low Cost Banking. Operational costs have decreased due to the adoption of technology. The cost of transactions through internet banking is much less than any other traditional mode. There is also significant savings on infrastructure costs as banks can have access to a greater number of potential customers without the commitment costs of physically opening branches. Furthermore, banks' staffing needs are increasingly reduced. A profitable banking system. Increased speed of response to customer needs can increase customer satisfaction and consequently can lead to higher profits as a result of managing a greater number of customer accounts.