Is the Banking Industry Keeping Pace to the Changes in Technology?

Just about 10 years ago, remember how we used to go to a bank – the traditional bricks-and-mortal building, situated preferably somewhere close to our place of residence? The ritualistic monthly visit we made to either deposit our salaries, withdraw money, or for some similar chores. And, these visits implied the kind of trust we had in our bank, reassuring the confidence that our money is safe with someone.

Enter the digital era and technology started seeping into every domain of our daily lives, slowly but steadily. And the banking sector was no exception to it. Our banks became mobile and soon we could literally operate our finances on our fingertips! Today, the banking experience is something as simple as what we can do on our smart phones.

But, has the banking industry been keeping pace with the lightning speed at which the technological changes are being brought about? Well, we can proudly say that our banks have indeed done a commendable job in making things simpler, faster, and even safer for us digital users. They have embraced technology with open arms to enable their customers to get what they want from wherever and whenever they want it.

Here are some examples of how banking has undergone massive transformation in recent times:

• Better safety – Newer technologies have enabled banks to process large amounts of data in order to better identify any instance of online financial crime and take necessary preventive measures to help control it in time. This in turn helps restore trust in their existing and new customers.
• Better verification methods – The days of entering passwords to verify a user are long gone. Banks slowly came to realize that passwords are no foolproof measures for verification and can be easily tampered with. Today, with newer technological solutions available to this problem, banks are increasingly switching to voice biometrics, fingerprint verification, iris scans, and the like to identify their customers’ identity for login.
• Better transaction processes – Technology has surely done one amazing thing to the whole banking experience – made it simpler and mobile, meaning that you can now access your money and do whatever with it anytime, anywhere. Now you can pay someone, receive payments, and do much more with your money just with a simple click on your phone. This is particularly useful for those who live in remote areas and can’t access the nearest branch easily.
• Wider reach in no time – Banks have become global, again thanks to technological innovations. You can access your bank account in your home country while sitting in another country, in literally no time. Banking has become faster, efficient, and hassle-free.

By introducing mobile banking, which is now a common practice, especially among those for whom time is a concern, banks have proved that they are getting better at offering personalized banking experience to their customers. Digital banking transactions too have helped people the world over in big ways. However, there’s still a long road left to be tread. By continually adopting new changes, banks are sure to get there in no time.