There have been significant changes in finance and technology and this has resulted in a drastic change in how banking works in the last several decades. But how does banking today really differ from banking in the past?
Well, the recent technological advancements have really made a big impact on the banking industry. Nowadays, our funds are at our fingertips, thanks to the introduction of mobile banking. Whether it is the transfer of funds from one account to another or sending money to another person, all this can be done using a smartphone regardless of where you are as long as you have internet connectivity.
To properly understand how substantial the change has been in regards to interaction with banks, you need to look at the different methods that are common among consumers nowadays.
We’ve mentioned the utilization of smartphones in keeping track on funds, but just how are individuals doing this? Well, for most people, it is just as simple as downloading the bank’s application, which almost every bank has nowadays. Once you have set up a PIN, for obvious reasons, it is up to you on what you want to do, whether it’s a quick glance at your balance or want to transfer money from or to your savings account, you can do it all, at the comfort of your home. Most banks ideally allow you to pay your contacts from your phonebook, which has been a game changer in baking convenience.
Not only that, but you can even deposit checks straight from your smartphone. The best part is that you do not need an additional device that plugs into your phone. You just sign the back of the check, take a photo of both sides and then send the images to the bank via the app. This, obviously saves you time and the hassle of having to physically go to the bank and wait in a queue in order to be served.
Well, it is not just smartphones that have brought a massive change in the way we do banking nowadays. ATMS have ideally had a makeover as well. In the near future, you will be able to withdraw money from the automatic teller machine without a bank card. Instead, you will be able to utilize your smartphone to scan a QR code which shows up on the ATM’s screen. You’ll then be asked to select the amount to wish to withdraw on your phone and then get an authentication code which you enter into the machine and instantly collect your cash.