Banking, as we know it today, was developed in Italy in the 14th century. Keeping up with technology has been challenging for every business, which includes banking.
Modern technology development caused investing large amounts of money in transforming the whole business so it can be more suitable for customers.
Waiting in line
Until just a few years ago, our first thought when thinking about the bank was ''I don't want to go today, I'm not in the mood to wait in line''.The possibility for online mobile banking has replaced bank queues, giving you the choice when and where you want to do transactions, check deposits, or even apply for a mortgage.
Bank apps and online services are far from perfect, at least for now, but they are doing as much as they can to keep up and give their customers the best service they can.
Fast service
Another way that made our banking life faster and simpler is contactless payment.Just putting your card or, nowadays, just a mobile phone near the device, you can pay in almost any store.
Today, this has spread to other areas of paying – in London, for example, you can pay for your fare just by tapping your card as you enter a bus.
As well as waiting in line for an hour or maybe even more, we also recall all the paperwork and signatures we had to fill to complete the simplest problem. Talking with bankers often ended in getting the insurance we usually don't need and having additional fees and costs we didn't sign up for.
Today, via mobile banking, all of the actions can be done in just a few minutes!
Security and protection
Breaches are not rare in the banking sector. Every year, there is a certain number of breaches that put bank customers and their personal information at risk.This is why banks invest billions of dollars, more than anywhere else, in protecting their customers and making them safe.
Independence
As technology develops, less and less face-to-face contact is needed. In banking, this means that for any information you need, you don't have to go to the bank and ask employees, but you can do the research on the internet yourself.Unlike in the first years of banking, customers today are not attached and loyal to one specific bank. They tend to change it as their needs and wishes change.
More competition = cheaper service
- You can choose whatever bank you want, guiding yourself with your wishes.
- There's a big competition in the market and every one of them is trying to get your attention to become their customer.
- As you enter your bank's mobile banking app, you can notice how cheap the transactions are, comparing the amount you would usually pay if you went to the bank.
- This way they want to compete and beat the competition, which is great – for us, the users.
