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Technology is changing the world and making our lives easier.
In the past we would have needed a web designer to create a website for us, we had to hit the shopping mall to buy a CD, and getting from A to B was accomplished by ringing our local taxicab service from a landline.
Things change though, and more often than not for the better. Finance is no different, with an overwhelming number of apps now available at our fingertips it’s never been easier to keep on top of our banking.
Those of us of a certain age can remember receiving our monthly or quarterly bank statement through the post. The printed statement would be a few pages long depending on our spending during that period, and for many of us we’d have a quick look, then add the statement to a drawer or folder alongside previous statements that we probably would never look at again.
Today we have our statements either delivered to our email addresses, or we simply check our banking app whenever we need some information.
The costs saved on printing, paper, and delivery is massive, and it’s also environmentally friendly.
In the past few years, we’ve seen NatWest become the first UK bank to launch a paperless mortgage option, allowing customers to go entirely digital throughout the process, and we’ve also seen Digibank become India’s first ever branchless, paperless and signature-less bank in 2016.
The days of having to carry out your banking tasks during the hours set by your bank are all but over.
Ross McEwan, the CEO of the Royal Bank of Scotland summed it up that “our busiest branch in 2014 is the 7:01 from Reading to Paddington – over 167,000 of our customers use our Mobile Banking app between 7 am and 8 am on their commute to work every day.”
That was five years ago, and the number of customers using banking apps has only increased.
Being able to pay your bills, move money from one account to the other, and apply for various services was once a task that required visiting the bricks and mortar branch and speaking to an advisor or customer service assistant.
You can carry out your banking at any time of day or night, from anywhere you can access the app via your mobile device.
Beyond traditional finance
To many, mobile banking is a relatively new concept, but while the more traditional financial institutions are now taking the technology more seriously, some start-ups are already looking at taking things to the next level.
Atronocom, a decentralized, secure platform that offers a host of services including encrypted, P2P messaging as well as mobile banking is already looking beyond traditional financial services.
“While traditional banking services are a crucial aspect of what we offer, we also recognize the potential behind the next generation of currency, namely cryptocurrency, and to that end, we provide our clients with the option of both buying and selling cryptocurrency, as well as OTC trading services,” commented CEO Thomas Koller.
Top of most customers lists when it comes to their banking is safety, especially in the era of hacking and cybercrime.
Mobile banking provides you with more control over your finances than ever before, and that includes how you deal with emergencies.
It wasn’t that long ago when a frantic phone call to your bank was the answer to a lost or stolen bank card.
Today, often all it takes is loading up your app and pressing a button that will deactivate the stolen card immediately, rendering it useless for thieves.
This type of option is also handy if you misplace your card and want to secure your account until you find it again, as often all that’s needed to remove the block on your account is another press of a button.
We live in an instant world. No one is waiting five days to have their photographs developed. We aren’t sending letters that take days or even weeks to reach loved ones who live far away.
Tasks are carried out with instant results today, and when we have to wait around it can lead to frustration and a lack of belief in the services or product.
Mobile banking has dragged the traditionally archaic finance industry into the modern era, where we can see what we’ve spent on our accounts immediately, and where we won’t fall victim to the age-old issue of over-spending during the weekend only for your account to crash on Monday morning when the cash is deducted.
There’s a quote from that sums up the incredible rise of mobile banking;
“It took 13 years to get two million customers using Internet banking; it took just two months to reach that number for mobile banking.”
Mobile banking is the future, and some would say that we haven’t seen anything yet.