“Like many industries, banking is adapting to meet the changing needs of its customers. In 10 years, branches will be just one of the possible face-to-face meeting places at key moments in the customer journey. Customers will be in control of deciding when and where they want to meet, and they’ll be able to easily schedule an in-person or virtual appointment. The meeting can be at a bank building, or at a local coffee shop. Banking will continue to become much more human again reverting back to personalized, local relationships, like banks used to have with their customers.”
—Gary Ambrosino, CEO, TimeTrade
Banking has changed dramatically over the last decade, thanks to massive advancements in technology. For customers, choosing the right bank is not as easy as it used to be as changes now affect the way in which we make deposits, invest, and manage stock accounts.
Here are just a few of the ways technology has completely transformed the world of banking:
1. No long lines
The first step toward eliminating long wait times was the introduction of ATMs, which cut the time it took to withdraw money down to a matter of seconds. When ATMs were placed conveniently in various locations such as grocery stores and convenience stores in many cities, it became easier for people to access their bank accounts. The ease of use was extended when e-banking was introduced.
2. One-tap transactions
Through integration with e-commerce sites as well as the introduction of e-wallets and e-cash, all one needs to do to complete a transaction is a tap on a screen and log on with the right information. With applications like Samsung Pay, people no longer have to carry their debit or credit cards. If you have a phone, you have an entire personal banking infrastructure at your fingertips.
3. Instant services
Purse or wallet lost? Need to block your card to prevent identity theft? Simply turn it off in an app or send a text message, and voilà, instant security. Not only that, instant money transfers and payments are now an everyday occurrence.
However, as the banking industry is transformed, it also faces major threats. Data breaches and hacks are becoming more common and harder to stop. While technology has improved the banking industry dramatically, it has also been exposed to massive challenges which finance leaders must be aware of and on guard against.
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