As we know it today, banking was developed in Italy in the 14th century. Keeping up with technology has been challenging for every business, which includes banking.
Modern technology development has led to the investment of large amounts of money in transforming the whole business so that it is more suitable for customers.
Waiting in line
Until 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 of 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 their best to keep up and give their customers the best service.
Fast service
Another way that has made our banking life faster and simpler is through contactless payment.You can pay in almost any store by putting your card or, nowadays, just a mobile phone near the device.
Today, this has spread to other areas of payment—in London, for example, you can pay for your fare just by tapping your card as you enter a bus.
In addition to waiting in line for an hour or maybe even more, we recall all the paperwork and signatures we had to fill out to complete the simplest problem. Talking with bankers often resulted in getting insurance we usually don't need and incurring additional fees and costs we didn't sign up for.
Today, all actions can be done in just a few minutes via mobile banking!
Security and protection
Breaches are not rare in the banking sector. Every year, a certain number of breaches 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 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; 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 lot of competition in the market, and every company is trying to get your attention and make you a customer.
- As you enter your bank's mobile banking app, you will notice how cheap the transactions are compared to 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.
