There is very little that the advent of the internet and the increase in new technology and the development of telecommunication that came with it. Where once distant friends wrote lengthy missives by hand to be delivered on horseback, modern pen pals can dash off a few quick lines of text and deliver them wirelessly to anyone on the planet in seconds. Online technology has changed the way people think about banking, from what they expect banks to do to how they manage their finances and even how they think about checks. Here’s a closer look at just how online technology has changed the banking industry.
There’s an App for That
It used to be that taking care of banking required a trip to the local branch of a person’s bank. Any time an individual needed to transfer funds from their checking to their savings account, for example, or even check their balance against their check register, they’d need to actually physically travel to the bank. In today’s fast-paced world, the average account holder has neither the interest nor the time to go the bank every time they want to check their finances. Luckily, nobody with a smartphone has to suffer through those dark days ever again. According to The Financial Brand, there are plenty of banking apps available for smartphones that combine simplicity, engagement and user-friendly navigation to make the trip to the bank a thing of the past.
Smartphones Are the New Cash Register
Big banks and credit card companies typically charge a fee to vendors for allowing them to use their services. While that’s no trouble for large and well-established businesses, which often process hundreds of credit or debit card transactions every day, it can be a real barrier to growth for smaller businesses or craftspeople. For small business owners who only occasionally receive payment through credit cards or crafters who operate in largely cash-based venues, such as craft fairs or festivals, smartphone credit card scanners are a real godsend. According to Chad Fisher writing for GoBankingRates.com, this new banking technology allows small vendors to do business with a much wider market and sell more goods to more customers.
A Picture Is Worth 1,000 Trips to the Bank
If there’s one advancement in technology that has changed the face of the banking industry, it might be mobile check deposit. Checks have been an invaluable tool for decades, allowing individuals to exchange a slip of paper with an official promissory note for goods and services for which they do not have the money in cash available. People use checks for just about every kind of transaction: to pay rent, to clear debts, to pay employees or purchase groceries.
Mobile Check Deposit
Until fairly recently, the convenience of a checkbook only extended as far as the door of the bank. To deposit a check into their checking account, a person had to actually travel to the bank and hand the check to the teller. For many smartphone owners, that trip is as dead as the dodo. Mobile check deposit allows users to take a photo of the front and back of an endorsed check, fill in a few details on their mobile devices, and submit the photos to the bank for approval. Within moments, a check can be deposited without ever leaving the comfort of home.
Technology has changed the way people interact with the world around them. The banking industry is no exception. With the rise of technology, banking has become easier, more convenient and much, much faster. What’s not to love?