The days of walking down to the bank to handle your finances are now long gone and feel almost prehistoric in today’s internet-driven world. There are many aspects of modern day life that have been revolutionised by technology in recent times with banking being one of the key aspects.
Here is a look at how this change has come about.
Traditional Banking
Previously, if you had to make a payment or if you had any kind of query related to your bank account then you would have to take the trip to the physical bank. This was often problematic due to the restrictive opening times that banks have and the large queues which were enough to put many people off. Times are now very different thanks to the rise of the internet where you can now manage all aspects of your account from the comfort of your own home/on the move and whenever you like.
The Current Situation
Traditional banks can still hold an important place as many people like to handle certain financial situations face to face and you will benefit from improved and quick customer service here, but there are many branches that have had to close as more and more people use online banking. To stay competitive, most banks now offer traditional and digital banking which is ideal for those that still like to visit the bank from time to time.
Cashless Society
Another major change is the rise of contactless payments which has led to a near cashless society. This means that people are no longer visiting ATMs (which are always at banks) and instead paying for everything with their card. This can be much more convenient than carrying cash and it is easy to see this trend continuing in the near future.
Opening an Account
You can now even open an account online without having to visit the bank which will be appealing for many. These accounts can be quick and easy to set up and will often have handy features like easy access to credit, the ability to control day to day spending and no charges. This can take the stress out of banking and enables people to control their finances while on the move.
Issues with Online Banking
While there certainly are many benefits to online banking, it is important to be aware of the dangers as cybercrime is a huge problem that is on the rise. Online banking websites and apps can be easy to secure, but it is also important to be aware of how you can stay safe online and avoid scams that will look to steal your details.
In an increasingly digital age, it is easy to see online banking continue to grow in popularity and particularly with new technologies and products being developed. Physical banks are likely to exist in the near future as they still hold many benefits and many people prefer to handle with their finances face-to-face, but the vast majority will handle a lot of their financial transactions strictly online and this is particularly true in a time where fewer people are carrying cash.
