The benefits of technology in banking

Posted in Technology
at 2016.05.26
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The banking industry is one that has always relied heavily on computerized records and the ability to access crucial information quickly and easily. However the benefits of technology in banking have become even more apparent in recent years, as phone, online and mobile banking has revolutionized the way we take care of our finances. In fact, one might argue that the impact of technology in the banking sector has meant that we now have no excuse for being overdrawn or not paying credit card bills on time!

technology benefits banking

In previous generations, the only way to find out how much money you had in the bank was to keep a detailed log book or pay a visit to your local branch and ask the teller to check the ledger for you. Then along came the innovation known as the ATM machine, which allowed us to withdraw cash from hundreds of convenient locations and check our balance while we were at it. Nowadays, with mobile banking apps it’s possible to check your balance any time any place. So before you splash out on a new stereo or home entertainment system you can check your account then and there just to be sure you can afford it.

Another one of the key benefits of technology in banking is that it allows us to pay bills quickly and without fuss. We can arrange to have them paid by direct debit every month at a time that suits us, or we can make one off transfers as and when the bills come in. This means that there’s no longer any need to pay a physical visit to your branch to pay bills and it also means we are more likely to pay them on time. People who find it more difficult to manage their money can arrange for as many bills as possible to be paid just after their salary clears their account so that they know the essentials are covered before they can spend on luxuries.

But perhaps one of the most exciting benefits of technology in banking is that cash is slowly but surely being phased out and in the not too distant future there may be no need to carry around a wallet full of notes and coins. The role of technology will be crucial in the cashless society as all our financial information will be stored on swipe cards and key fobs. Already many retail outlets are offering Smartpay solutions which allow you to make payments of up to £20 simply by holding your card over a reader. No more rummaging around in your pocket for crumpled notes and clunky change, and if developments continue in this vein your Smartpay card may double up as a travel card or other some other useful tool. But more than this, our smartphones are going to play a bigger role in the cashless transactions. Apple, Samsung have already launched their payment systems. You just need to use your phone to pay anywhere.

Who knows what the future benefits of technology in banking will be, but one thing is for sure, as time goes on we are going to become more and more familiar with online and mobile interfaces and less familiar with human ones.


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