The current trends in banking are moving away from traditional banking and towards a new easier and faster mobile way of managing your money.
Remember the days of receiving your bank statement in the mail, reading it over and then filing it in your desk or filing cabinet? Remember when you used to stand in a queue at the bank just to deposit your wages or pay your utility bill? Do you recall filling out deposit slips and forms whenever you wanted to perform these simple transactions?
Not anymore! If you are like most people you will log into your online banking whenever you want to check your balance and you will send money to family and friends via email. You will receive your bank statement electronically and you will pay your bills via your online banking with the click of a button.
Banking has changed enormously over the last few years and is still continuing to evolve.
Soon, with new Near Field Communication technology you will be able to wave your mobile phone over a sensor to pay for items instantly. New smart phone apps are constantly being developed which will allow you to send money instantly, check the stock market, and manage your investments and more.
Banks Are Constantly Growing and Changing
At the moment, most banks in operation have some sort of online banking services available for their customers. They offer online accounts which let customers make transfers, pay bills and check their balance online. In order to be competitive, each bank is always working to offer new services and features to their customers when it comes to banking technology. Some banks offer new banking apps, others provide extra features on their online banking websites such as investment management or budget-creating software. The more that customers start using mobile banking, the more the banks will be encouraged to come up with new online innovations and improvements to attract more customers.
A New Generation of Banking is Emerging
It’s hard to imagine, but a child born today will likely have no experience with paper banking by the time they open their first account. By that time, it’s safe to assume that paper banking will have become completely obsolete and all banking will be completed online. Who knows, perhaps brick and mortar banks will have gone extinct by that time and banks will operate only from their websites in order to save money on overheads. It’s hard to know exactly what banking will be like for the generation that is just growing up now, but it will certainly be very different than it is now.
Banking is evolving rapidly, so you might want to keep a few old bank statements and deposit slips to show your children and grandchildren as they will probably have never seen these old-fashioned relics before!
Is the 21st Century way of banking better for our planet? Paperless banking is saving a few trees - so it is a good sign for the environment, isn't it?