Technology is moving at warp-speed and many businesses are having to play catch-up. One of the most affected industries has been the financial services and banking sector. We look at a few ways banking has changed – for the better.
Say goodbye to queues
Remember the days of spending your lunch break in bank queues? Thankfully, 99% of banking services can now be completed online. This doesn’t even limit you to your computer anymore, as almost all banks now have mobile apps. You can make payments, transfers and do admin wherever you are.
First introduced to the UK by Barclaycard in 2008, there are now over 32 million contactless cards in use in the UK.
This has made a marked impact on London’s public transport system, with busses and tubes now allowing you to pay with your card as you enter.
Cybersecurity and data protection
In the first half of 2015, data breaches in the US banking sector increased 85% year-on-year.
While the move to online financial services has made transacting infinitely more convenient for consumers, it has also opened the way for a new wave of online crime. However, if you stay up-to-date with current scams, it’s easy to stay safe online.
Loyalty is gone
As you’re now able to compare rates, services and fees from the comfort of your seat, consumers are always on the lookout for a better deal. Whether this means higher interest or an improved digital experience, the days of sticking with one bank for life are over.