Final answer:
Chip cards are the technological development in banking that is replacing magnetic strip technology.
Step-by-step explanation:
The technological development in banking called chip cards is replacing magnetic strip technology.
The black strip found on the back of credit cards and driver's licenses is a very thin layer of magnetic material with information stored on it. Chip cards, on the other hand, use a microchip embedded in the card to store and encrypt information, making it more secure than magnetic strip technology.
Chip cards are becoming increasingly popular in banking because they offer better protection against fraud and are more difficult to counterfeit.