Banks have an awful lot of information about us, where we live, how much we make, how much we spend, what we buy with our credit cards, how much we owe on our mortgages - a lot of information. With this type of technology the bank can make better decisions on how to provide more complete and better services to you and I, their customers. They can do so in real time and they need to because their competition wants our business. The next time I go to the ATM they could put a message on the screen or the receipt to let me know they could save me money by refinancing my mortgage or that my college loans have been forgiven. Instead of sending you a piece of impersonal mail or blanketing the world with telemarketers, they can meet your specific needs based upon your specific circumstances and in YOUR chosen method of interaction with the bank.
Technology enables and benefits consumers as well.
As a result of the Internet we are more informed than ever before. We have more choices than ever before and from more places. If we want to we can find information on almost any topic on the Internet. We can buy a car, find a loan, preview a house, get a mortgage, plan a vacation and draw up a will all without leaving the comfort of our home. Consumers have more disposable income but less time than ever before.