Mobile banking has been so revolutionary in recent times that it is hard to remember a time before this where your only option would be to go into the bank to manage your finances. These days, you can check your balance, manage your payments, view statements, transfer funds and much more all with a few touches on your devices and from just about anywhere.
It is said that the tipping point where the number of customers that still visit a branch will be outnumbered by mobile app users will come in 2021 with over two-thirds of British adults used online banking in 2018. This sharp rise has led many bank branches to close their doors with two-thirds being closed over the last 30 years. There are those that still prefer to visit a physical bank but the rise of phone, internet and mobile account solutions have drastically reduced the number of people making the visit.
Another major change in the way in which people manage their money is the move away from cash and towards debit cards, specifically contactless cards. Debit cards overtook cash as the nation’s favourite form of payment in 2017 and now a staggering 98% of UK adults own a debit card. It is easy to see why people prefer contactless payment but there are still some reservations and still some places that will only accept cash.
So, what does the future hold for digital banking? There have already been a number of startup banks which do not have physical branches which has seen a heavy investment in technology. While there has been a sharp move towards technology in recent years, it seems that people still like the option of physical banking and using cash so this will still be a possibility for the foreseeable future. This also ensures that no customer is left behind and that everyone can manage their money in their preferred manner.
There will be further technological advances, however, which look to make banking easier than ever. A few good examples of this include card-less ATMs which would work with smartphones (which have greater security features), digital assistants for faster and easier customer service and spin-off apps which can be used for making savings and helping you to be smarter with your money.
Few sectors have been revolutionised as much as banking in recent times. Technology has completely transformed the way in which people manage and spend their money and this is a trend that will only continue as technology continues to evolve. While there are many perks and exciting developments being made, it is still important that traditional forms of banking and cash are available so that all customers are catered for and people can still pick and choose how they manage and spend their money.