How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today.

" Uff! .. It was damn exhausting being standing in queues to withdraw money or pay in a cheque. " You all must have heard this from your parents and if you are over 30 , you yourself have faced it few years back but if you are still listening and facing this same thing at today's time, then you are not aware of or may be don't trust on advanced technology like E banking, online banking, net banking,  etc which have completely change the way banking is done today.

Let us see few of them.

1. No More Queuing .

It's possible to do everything online, from simple transactions to complicated issues such as applying for a mortgage.

A new study reveals  the fact that more people are relying on their phones to access their banking. Some banks are now only available virtually - banks like Smile in the UK and Simple in the US don’t have any physical branches at all (although they're partnered with existing institutions which ensures the funds are completely safe).

2. One Quick Tap And You're Done.

Although Mobil first issued contactless cards for customers to use at their petrol stations in the US as early as 1997, the very first contactless cards associated with banks were given out by Barclaycard in 2008. Now there are well over 32 million in circulation in the UK. By 2011, mobile technology had merged with contactless, and the first wave of apps that allowed their owners to pay by tapping the phone against the terminal were born.

Google Wallet is now one of the most popular in the world, allowing users to store debit, credit, loyalty gift and store cards on their phones. A few years ago London buses opened their doors to contactless technology - you can now pay your fare with a quick tap of your card as you step onto the bus.

3.Cybersecurity And Data Protection. 

 Keeping financial information safe is one of the biggest areas of investment for banks, and it is also a responsibility for customers.

Easy passwords, public computers and “phishing” scams are some of the most common ways we are separated from our money. 

4. A Different Sort Of Customer Service.

 Online banking and mobile banking mean that generic customer services are no longer needed. Customers expect a more tailored and personalised experience when they - on rare occasions - need to contact their bank by phone or by chat, or even in person at a branch.

The IT research company Gartner suggests that gamification will become increasingly important for customer service in the coming years. Customers will need to be more engaged digitally through the use of the sort of mechanics usually only seen in video games, combined with virtual reality technology such as gesture recognition and head-mounted displays.

5. More Competition And Bigger Challengers 

One of the biggest changes to happen to the banking sector is the opening up of competition to some of the processes that 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 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 and what banking will look like in five or ten years time is an exciting proposition.