There are numerous ways and means in which the way we interact with money has changed in even simply the last few decades: here are a few of the most visible ways at present.
Folks in the present day, especially the younger generations, rarely tend to carry cash, especially if living and operating in a big city: as even small firms are gradually taking card payments and getting rid of minimum card charges, there is absolutely less of a need to always actually have some spare transformation in your pocket. In only the last decade, one of the most prominent payment innovation ideas has risen, which is that of contactless payment, permitting card payments to be carried out even on things like trains and buses, getting rid of the need of having exact cash for a bus journey or purchasing a ticket ahead of time. Nearly all banks have embarked in digitally based payments, as noted in the tech collaboration of Santander, where contactless payments can be rendered essentially through a smartphone, using fingerprint identification rather than something like a pin. This is only the starting point of the upcoming digital innovation in banking sector.
Being user friendly is one of the main goals in regard to the importance of innovation in banking, as consumers want to retrieve and apply their money at any point from any place. Countless financial institutions are therefore motivated to offer digital platforms, both for banking processes and for reaching out for any customer problems, and prominent figures in the industry like the activist investors of Bank of East Asia are well aware of this. Among the digital technology in banking we can witness the use of artificial intelligence chatbots for answering queries online by supplying the relevant material, the reliable security steps that make it possible to make instant payments through the internet, and the skill to have an overview of one’s account from the comfort of one’s smart phone.
In a hectic working sector like the one we live in nowadays, errands like going to the bank grow to be difficult when your work hours might not correspond with the opening times of the economic establishment: perhaps you only don't have the time to go on your lunch break, or the shortened opening hours on the weekend daytime are the only time you can sleep late and have some rest after a long few days. This has generated a brand-new kind of innovative banking, meaning that consumers don't need to go to a material branch: in fact, establishments like Transferwise’s mobile bank partner are banking organizations which are fully based online, with no actual material stores, making it extremely easier and even more convenient for the user to manage any characteristic of their account just from their mobile.