This century we’ve seen a massive leap in access to personal digital technology. That’s clearly reflected in how we’re now banking. These technological advances mean we’re managing our money in ways that many did not foresee. What’s behind these changes, and what does the future hold?
The extraordinary evolution in banking today is largely driven by changes in customer preferences, and competition both inside and outside the banking sector. Banks have embraced technology in the quest to provide an ever more seamless experience for their customers.
Remember the good old days? We used cheques a lot more, and made bank account deposits and withdrawals by visiting our local bank branch, filling in handwritten forms; all within civilised “bankers’ hours” from Monday to Friday. You might’ve found yourself caught short if you didn’t withdraw enough cash for the weekend. Bank branches were an essential part of every community for both households and businesses.
Things started to change in the 1980s when ATMs appeared. You could finally get cash at the weekend! Since then innovation in banking hasn’t stopped.Read this in full