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In this modern world, people can go to the bank and have business without face to face interaction anymore. What are the effects of this to the individuals and society? Is this a positive or negative development?

Answer:

Nowadays, in modern day banking transactions can be performed in contactless process. There could be possible consequences in each individuals and to the community. This is either beneficial or not.

Due to the technological advancement financial institution are finding options to make transactions easier and more convenient by promoting less human contact via online banking services or thru applications. To begin with, for young entrepreneur it could be more favorable due the busy schedule, it saves valuable time for an individual since conducting payments, sending money transfer can be done over the website. In the contrary, less human interactions could be more prone to error for example, in data gathering in online process, it takes time to get a feedback if a document submitted is incomplete, if an information are missing or if a data are incorrectly uploaded. It is not advantageous for an elderly users.

On the other hand, there are several draw backs of contactless transactions to an individual since internet is also available to criminal, privacy and security concerns of clients are questionable consumer are more prone to fraudulent act such as online scams and identity theft. Furthermore, it also affects the community since petty crimes will drastically increase due the surging volume of online banking users, forcing government agencies to be more proactive in safe guarding individual's profile.