5 ways Technology has changed banking in last 10 years

Day by day, science keeps on progressing further with only one aim in mind – to make things exponentially easier for humankind. Science has made technology much more efficient and effective than it was ten years before. Technological advancements have completely altered the landscape of fields like medicine, aeronautics, and chemicals amongst many others. However, there is no other field, perhaps, that has been as dramatically altered for the better as banking.

Before the changes brought forth by technology, banking used to be a tedious task and prone to errors. Frauds were common since the necessary technology was not available to detect it. Overall, there were too many risks involved in keeping your money in the bank. Now that everything has changed, you do not think twice about putting large amounts of money in banks. The financial crisis of 2007-08 did affect the general reputation of banks adversely, but with new safeguards in place, it is unlikely that such a disastrous event will happen again.

Here we will be discussing the 5 ways technology has changed banking in the last 10 years.

THE WAIT IS OVER
There’s nothing more infuriating than standing in a queue that moves only an inch further after an hour-long wait. Find that hard to believe? Well, that is the way things used to be before online and mobile banking made their mark. With these two methods, you do not need to stand in queues and pain your limbs any longer – you do not even need to go to the bank itself. You can perform a lot of the functions that were possible ten years earlier only by visiting the bank.

There are still some things you need to visit the bank for, such as ATMs or drafting checks for processing. On the bright side, you can check your balance online without bothering to set a foot out of your house.

ATMS
ATMs have made withdrawing money out of your account a piece of cake. These machines are also accurate and secure. There are times, however, that a machine malfunction causes problems for the client. These instances are few and far in between, so they do not really count.

CUSTOMER SERVICE
Customer service is where the changes in the banking system have failed. Most people prefer to talk to a representative of the bank in person. This is a role that cannot be fulfilled by a machine – at least not by the present brand of machines. The lack of personal interaction leaves us with a cold feeling and one that does not encourage visits to the bank.

SECURITY
Robberies and frauds were common happenings before the change brought forth by technology. Technology has curbed that problem to a certain extent with devices such as scanners, CCTV cameras, magnetic ink character recognition, and biometric verification systems. That’s not to say that there aren’t security concerns at all. Technology brings both good and bad things, and on the flip side of secure banking is the betterment of tools for hackers and counterfeiters. All in all, however, there is a marked decrease in frauds from before.

COMPETITIVE ENVIRONMENT
Technology, unlike customer service and personal contacts, can be replicated easily. This has made banking a very competitive business. All businesses have shifted to online and mobile platforms, and it is becoming difficult day after day to differentiate between each of their services. People can no longer decide on which bank to deposit their money in, seeing that all of them offer nearly identical services.

This completes our list of the 5 ways technology has changed banking in the last 10 years. Banking is no longer a troubling task. A new software, hardware, and gadgets ensure that your money remains safe and sound within the confines of the bank.

A lot of the unnecessary safeguards, which were required due to the conditions of prior banking practices, have been removed, making access to your money, not just secure but also infinitely quicker and easier. If you have loads of cash that you have no idea what to do with, put it in a bank – it’s the same as having it in your pocket except that it is safer in the bank and might even increase in amount.

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