Why The Future of Banking Looks Bright

There once was a time where you’d walk into your local bank and know the teller, and he or she would know you. Of course, when you finished your banking business, you’d leave with a lollipop in hand. Now, however, those days are gone and banking is becoming less personal. Customers seem to be ok with it that way, too, as more banking apps and other technological devices make talking to a teller a thing of the past. It’s actually very exciting, as banks are finding more ways to embrace technology as they move into the modern era with you.

Mobile Banking

Mobile banking has taken off over the last few years. Sure, it was expected that younger consumers would be the early adopters of mobile banking technology, but these days the older generation is moving to mobile banking faster and faster. Now you can deposit checks, transfer money, check balances and do so many other banking tasks without ever leaving your house.

Increased Competition

Another reason the future of banking looks bright is the increase in competition. As competition for your dollar increases, so will the benefits to the consumer. Add the rise of mobile banking into the equation and you’re likely to see lots of great options for your banking needs over the next few years. From free accounts to more convenience in terms of bill pay and other amenities, banks are becoming more and more equipped to compete for your attention, because they have to.

Specialization

A recent article by Bank Innovation predicted many new banking trends over the next five to ten years, including an increase in banking specialization. “Banking will be split between specialty players and customer-broker, combining a series of low-cost marketplaces and platforms to serve specific customer needs with speed and adequate value for money,” they predicted.

More Personalization

It’s also expected that banking will become more and more personalized, as more in-depth analysis is available via modern technology. As Bank Innovation explains, “Using more sophisticated analytics, (banks will) deliver customized experiences to each person. We should see greater adoption of API models and some interesting new ways to leverage them to improve service and stickiness.”

Customer Centric

In the end, the rise of technology, advanced metrics, analysis and other advances will mean that the future of banking will be more customer centric, with more customization, benefits and options than ever before. It’s a fascinating time for the banking industry.

Deborah Flomberg is a theater professional, freelance writer and Denver native. Her work can be found at Examiner.com.