The bright future of online banking

Theodora Evans, Readwrite By May 6, 2019 16 Comments
The bright future of online banking

Technology has facilitated all aspects of life

Technology has facilitated all aspects of life – transport, cooking, shopping, studying, entertainment, you name it. Long gone are the days of going through much trouble to do. You can watch a movie with 3D characters stepping out of the screen and cook a healthy super fast meal in under ten minutes. Then, you’ll need to add about 60 seconds for googling the recipe online. You can do your shopping online, in two clicks. You can take online courses whenever you like. 

Do you even want to drive anymore without satellite assistance?

Al personal assistance is now your trusty companion wherever you may go, with a sole purpose of making your life much more comfortable. Furthermore, now you can stop wasting time in a painfully long queue in a bank to pay your bills. 

With online banking, you can do everything on the go, or in the comfort of your own home just by having the right app and an internet connection. Finally!

he perks of online banking. 

What online banking can do for you is amazing. Besides paying your bills, you can save, transfer, borrow, calculate. The banking industry has evolved so dramatically that now you have online-only banks which are becoming increasingly popular. This only goes to show that the future of online banking is a bright one.

So many have chosen to tap their screens to get things done, the need for an actual brick-and-mortar facility is slowly but surely fading away.

What makes this such an attractive option is the cost. There are no monthly fees to pay if you fail to meet specific criteria, which is often the norm with traditional banks.

It will even help you avoid fees altogether, especially those that can add up fast and sneak up on you. Furthermore, they offer mobile platforms where you can do absolutely all you need, from looking up your balance to taking out a loan. 

Predict the future with online banking tools.

Well, online-only banks are indeed not the only ones that can offer such a user-friendly service. Almost every bank that wants to remain competitive in this fast-paced high-tech world needs to provide an e-option to its customers. Let’s say you want to take out a loan. There are so many factors to consider. How much you earn, how much you owe, your equity, predictions concerning your financial future.

Undoubtedly a time-consuming process, whether you’re doing it alone or with the assistance of a bank clerk.

Fortunately, now all that can be done for you, over the internet, by using online calculators and financial tools. All you need to do is go to the chosen lender’s website and select the calculator that suits you. 

Should you wish to figure out what your borrowing power is, click on the icon and begin a short, step by step process towards your property goal. Calculate what your monthly home loan repayments may look like, find out how much you could save by having an offset account, or how much equity you might be able to access from your home loan.

Not only can you calculate your home loan, but you can also get it approved then and there – online, with detailed guidance.

Online mortgage buyers are indeed at an advantage since they do not have to spend time visiting different banks and flipping through countless portfolios of mortgage options. They have the freedom to browse, cross-reference and compare at their own pace, to make a well-informed decision in a short period of time. There are often fact sheets, how-to videos, FAQs and the like to help the whole process go smoothly.

Even if you experience some problems managing your finances and feel you could use some assistance at that particular moment, e-banking has got you covered.  

The evolution of the system has enabled customers to have a real-time client chat within the website itself. An Al chatbot ill provide personalized support to clients 24/7, including consultations or advice anytime you need it. It can even answer hundreds of customers at the same time, so there’s no more waiting in line. 

Mobile banking.

Today, everything is going mobile. There’s no other way for a modern bank to have a leading position on the market with only a website. A well designed user-friendly mobile application is a priority. This has many benefits for both customers and banks.

A winning banking mobile app has to be a versatile tool to suit all customers. There are certain fundamental features that you should be using in order to have a stress free online banking experience. Firstly, what you need is a simple, yet secure sign-in.

Biometric authentication technology can verify a person by recognizing voice patterns, typing rhythm, even gestures. With a good management feature, users can monitor their accounts, balances, transactions, and transfers.

 If you feel you can’t resist the urge to splurge, a saving goal option will do wonders for your budget.

An ATM locator will save you heaps of time, so you don’t have to wander around looking for a place to withdraw funds. These are only a few perks you get to enjoy by always carrying your bank with you on your mobile. 

What the future holds for online banking.

You’ve heard the name blockchain enough to notice it is becoming increasingly popular, especially when it comes to banking. But what is it exactly? Blockchain is a system in which a record of transactions made in a cryptocurrency is maintained across multiple computers so it functions as a ledger that numerous parties can access at the same time; it can’t be altered and is almost impossible to hack thus it operates as a single source of truth.

As far as banking is concerned, fraud reduction would be one of its significant contributions to the sector.

Besides its indisputable security aspect, it minimizes the number of intermediaries which could reduce processing costs by billions. It has been speculated that blockchain technology will be the end of money as we know it since we’ll be using cryptocurrencies, which can spell the death of traditional banking. 

A word of caution.

It all sounds incredibly appealing, having all you need online and managing your finances with a click of a button. However, you shouldn’t mindlessly throw yourself into the wonders of cyberspace without being aware of what might happen in a worst-case scenario. In other words, once your sensitive data like your account number are out there, they become a potential hacking target.

Hackers are tirelessly working on bypassing security systems, and it still is a seemingly never-ending game of cat and mouse.

Mobile apps can be compromised, and reliability of service is not 100% guaranteed. You never know when a bank’s online services might go down. The safest thing to do if you are using online banking is to regularly check for malware, use unique usernames and passwords and avoid checking accounts on a public Wi-Fi. You can never be too careful when it comes to your life savings.

Online banking will grow on you. Who can resist saving precious time by using a mobile app or a computer to do something that would otherwise take forever to complete? 

Instead of doing your finance-related research on foot marching from bank to bank in order to find the best deal, you’ll be sitting at home, sipping coffee and clicking away to compare all the benefits banks today are competing to offer to you in particular. 

Being well informed about all the benefits and drawbacks of online banking will help you make the right decision as well as prepare you for all that might occur. 
Whatever the future may hold, one thing is for certain – it will be a better one for sure. 


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