How technology has changed banking over the years
E-banking, online banking, net banking, etc.
have completely changed the way banking is done today.
Technology has changed and is still developing many industries, but none more so than financial services. From the introduction of ATMs, to internet banking via apps, to today's seemingly new online-only digital banks, technology is transforming the business models of banks.
The digital revolution has play a important role on every aspect of our lives. From the way we interact with others.
Online Banking
For those outside of the banking
industry, the chances are that the biggest change that has been noticed is the
increased use of online banking.
Data
Driven Investments
As the digital revolution has taken
palace, one of the main changes has been that data can be gathered from more
sources. This could be anything from updated with financial data to the
perception of a certain company or brand on social media.
Customer Safety
One of the important aspects of using a
bank is that people want to have their money kept safe. It is the basic reason
why banks exist in the first place. Therefore, the ability to monitor every
activity from credit cards or debit cards is vital to stop people having their
money stolen.
More competition and bigger challengers
One of the biggest change to happen to the banking
sector is the opening up of competition to some of the processes that there
were only ever available in-bank before. Take Transfer wise, which can save you
on the fee your bank would charge you for an international money transfer, as
an example. It will be the interesting to see how banking evolves in the
future, and which institutions will be flexible and nimble enough to keep up with
the demands of today’s society. What those demands will be the and what banking
will look like in five or ten years time is an exciting proposition.
