Financial sectors across the globe have undergone significant evolution in recent years, with the banking industry as no exception. The advent and rapid evolution of technology have marked an important shift in the banking world, shaping new mechanisms and unveiling unprecedented functions. One of the most noticeable changes is the significant reduction in costs associated with banking, which has in turn increased accessibility and enhanced customer experience. Such democratization of banking services manifested through mobile banking, online transactions, and digital checks underscores the view that banking is indeed so cheap now.

Firstly, the shift from brick-and-mortar facilities to digital platforms has greatly eliminated several traditional banking costs. Earlier, the banking experience largely involved visiting physical branches, employing manual efforts, and navigating through lengthy procedures. Expenses such as overheads, staff salaries, and branch maintenance costs used to form a considerable proportion of the banking expenses. However, the surge of online banking platforms has significantly minimized these costs, passing down this benefit to the consumers.

Furthermore, the advent of online transactions has removed the necessity of most physical banking actions. Previously, customers had to bear costs such as check processing fees, paper statement fees, and even some account management charges. With the introduction of digital checks and online statements, these incremental costs have gradually faded. Consumers can now make transactions, view statements, apply for loans, and manage accounts right from their devices, without bearing the burden of unnecessary costs.

In addition, the boom of FinTech has also contributed to the reduction in banking costs. FinTech companies offer competitive pricing and low-cost services, compelling traditional banks to reevaluate their pricing structures. Many financial institutions provide zero-balance savings accounts and do not charge maintenance fees. This trend is likely to continue as competition intensifies within the sector.

Lastly, the advancements in Artificial Intelligence and Machine Learning have also played a key role in making banking cheaper. They have enhanced the automation process in banking operations, thereby reducing costs. These technologies have expedited financial processes, negated human errors, and significantly improved efficiency, leading to a drop in operational costs and, ultimately, service costs.

In conclusion, technological innovation has indeed made banking considerably cheaper. It has improved operational efficiencies while reducing costs, allowing banks to pass on these savings to their customers. This change ensures a win-win situation for all: customers benefit from decreased costs and improved service quality, while banks enjoy customer satisfaction and retention. As technology continues to advance, it is expected that banking will become even more affordable and accessible, marking an era of highly democratic financial systems.