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Five Ways Technology Has Changed Banking November 27, 2017

The wind of change that comes with technology has blown every sector and the banking sector isn’t left out. Over the years we’ve witnessed the banking industry move from manual form of operation to digital. Technology has placed banking less cumbersome that it used to. You no longer have to stand in long queues to make withdrawals or deposits with your ATM you can perform multiple transactions at a time. Enough of celebrating the invention of ATM, we’ve got other wonderful ways technology has changed banking.

We’d be looking five of these ways

Banking anywhere

Mobile banking being on the rise is one great impact of technology in the banking sector. It has made banking from anywhere you are in the world possible. Loan companies like payday loans UK has made it easy for customers to apply and receive loans anywhere they are in the world. Formerly, a customer’s presence is required to make certain transactions but now, with just a click you can start banking with a bank you’ve never stepped in. Most banks have their apps available on app stores for customers to download in order to aid their banking.

Change in customers’ loyalty

Before technology came into play in the banking sector, customers were loyal to their banks. In the sense that going through the stress of leaving your bank for another was much. As a result many customers stuck to banks they didn’t really like their services. But nowadays, technology has given customers room for impatience. If you’re not giving them good services, they are on to the next bank by just a click on their mobile phones. I think this is good and bad for the banking industry. It’s bad that banks who do not tend to improve on their services would lose customers to those banks who are speedily embracing the technological changes in the banking sector. The competition is now stiffer than it used to.

Reduced physical contact with banks

Research has it that 40% of Americans have not stepped into banks or credit unions within the last six months. As stated earlier, visitation of customers to banking halls has drastically reduced, all thanks to online banking for making it possible for us to be able to carry out transactions anywhere in the world. Banks are no longer focusing on their physical structures like they used to, they’ve taken their presence online. And this has helped to make banking less cumbersome for customers and even bankers.

Data protection and security

We must admit data security is one big aspect of banking that has changed by the introduction of blockchain. Blockchain has not only made transaction easier and better, but has also made transaction safer than before. People are more confident with e-banking than they used to as a result of improved security employed by banks these days. That doesn’t mean the customers have no role to play in ensuring the safety of their information. It’s more of a partnership thing when it comes to security of customers’ data—customers need to be careful with their passwords.

Digital customer service

Customer services have taken a whole new level. Since their customers are rarely physical, their customer care services have gone digital also. You don’t need to be in the bank to lodge a complaint; you can contact their online customer care services whenever you need them. Their customer services function 24/7 tending to customers’ needs.

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