Creative Writing Contest - Edition #02 || My Good / Bad Experience with Technological Advancement

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Hello guys good afternoon. Hope everyone is just doing great as always, today I am very happy as am going into another contest been produce by @b-naj and @wase1234 from the steem Cameroon community. Today I will be talking on the upgraded banking system technology.

A Bank is a financial institution that safe guard fund's, give out loans to it's potential customers and and carry out many other financial transactions like.

• Buying and selling of foreign currencies, Asset's and many others.
  -Standing other
• transfer of money.

At first during the 18th centuries there was nothing like banking. peoples by then we're doing trade by barter which latter on in the 19th centuries evolve to a micro financial institutions like the traditional meetings, njangi houses and village gathering.

By then people usually safe guard their money in this gathering for future used in which by then financial transactions were very slow because, by then if your savings were in the meeting since money is been safe for future used either for speculative, transactions and precautionary motive. If and urgent need for the money arises like someone fall sick or and emergent business to invest in you must wait for the agreed meeting, "njangi" date to come before demanding for money in which some people might be even owing the njangi houses which the demanded money will not even be raised.

This banking system was disadvantageous in that most people usually take loans from it in which might end up not been paid and leading to personal problems and it was not legally binded.

Moving to the 20th century the banking system was modified because at this period all the banking institutions were constructed and legally binded by the law which steps were taken to recover loans which are not been paid like the implementation of the collateral security before loans were been released. Here this banking system are preferable because they operate in three different account which is;

• The savings account
• Fixed deposit account
• current account.

In this three different account that existed the three motives of keeping money were been forfiled here because money here was been demanded at anytime the need arises since it was having it's building were one can easily rush to for money if need arises.

This innovation was advantageous since it helps reduce the deases of unemployment from the government and it equally help people safe their money with confidence of receiving it back in full not been afraid of taking the risk of bad depts because they were been covered up with securities.

• The disadvantage of this banking system is that ( me here using is is because it still exist up to date) it was slow since there were smaller accountant trying to serve alot of people at the same time which was leading to alot of financial recording errors leading most Bank into bankruptcy in which people will think the money was been embezzled by the managers
• westage of time(slow) and most importantly it made people take the risk of carrying money around which can be stolen or lose.

Thanks to technology on this 21st century that made it possible for us to prevent all those risk in the banking system through the latest inovations added to the banking system.
The banking system today has made it easy for us to free the risk of carrying money around in which we popularly know MTN,
money and Orange Mobile money which is good and ease lots of our daily transactions.

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In most of the bank today we can notice that there's and ATM(Automotic Tailar Menchine) which ease the time westage where we now withdraw money from our bank accounts without passing through the counter nor contacting the accounts.

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• This is important since the Menchine are the once doing the counting and recording of financial transactions which it's always very difficult for them in making mistakes in recording since they are Automated.

• Same today we Carry out financial transactions like payment, withdrawal, purchases on phone at our conviniance.

Today we can notice the evolution of several online banking services like payment through VEMO, PayPal, Cashapp, Google pay, credit cards, and many others which assist us Carry out banking financial transactions at anytime without visiting any financial institution for confirmation.

Today we can see more and more advance banking systems are coming up which are very important to us and more to that the financial trading which is gradually making the world turn into a single society That's why we see the evolution of Crypto currency exchange
Which trade different currencies and coins at different rates all attach to the banking system because we trade different currencies and equally exchange them.

Eventhough this evolution has been so much important to me and the society, I see it still have a disadvantage since everything is been done in a digital way and gradually turning the banking system giving it's functions to Robots leading to unemployment to several accountants.

Today you can see in most Financial institutions there's a fall in the accounting required personal since Menchines are been used to replace them.

I will have to end here with my post and I thank you guys so much for going through my post and much thanks goes to @b-naj And @wase1234 for coming up with a great contest like this one.

20% of my payout should be paid to the @steem-cameroon official account

I will love to invite @bosfull, @janeg @rockana, @nattybongo, to join me take part in this great contest. Follow the link bellow to join the contest.

https://steemit.com/hive-195150/@steem-cameroon/creative-writing-contest-edition-02-or-or-narrate-a-personalized-experience-with-technological-advancement