There are countless ways and means in which the way we interact with money has changed in even only the last few decades: here are a number of the most visible ways nowadays.
Individuals in today's world, particularly the younger generations, rarely tend to carry cash, especially if living and operating in a large city: as even local companies are increasingly taking card payments and receiving rid of minimum card charges, there is certainly less of a need to invariably have some spare transformation in your pocket. In only the last decade, among the most prominent payment innovation ideas has risen, which is that of contactless payment, allowing card payments to be carried out even on things like buses and trains, bypassing the need of having exact change for a bus journey or purchasing a ticket ahead of time. A good number of banks actually have embarked in digital payments, as noted in the tech collaboration of Santander, where contactless payments might be designed merely through a smartphone, using fingerprint recognition instead of something like a pin. This is just the beginning of the upcoming digital innovation in banking sector.
User-friendliness is one of the primary priorities on the subject of the importance of innovation in banking, as consumers want to receive and make use of their money at any point from any place. Numerous financial institutions are therefore motivated to offer digital platforms, both for banking functions and for reaching out for any customer problems, and respected figures in the industry like the activist investors of Bank of East Asia are well knowledgeable about this. Among the digital technology in banking we can witness the use of AI chatbots for answering questions online by supplying the relevant material, the reliable security procedures that make it possible to make instant payments through the internet, and the skill to have an overview of one’s account from the convenience of one’s smart phone.
In a fast-moving working scene like the one we are living in currently, chores like going to the bank end up being hard when your workplace hours might not match with the opening times of the monetary institution: maybe you simply do not have the time to go on your lunch break, or the shortened opening hours on the weekend mornings are the only time you can sleep late and have some rest after a long few days. This has introduced a brand-new range of innovative banking, meaning that consumers do not require to go to a tangible branch: as a matter of fact, establishments like Transferwise’s mobile bank partner are banking establishments which are entirely based online, with no actual physical shops, making it remarkably easier and much more convenient for the user to manage any element of their account just from their mobile phone.