Years ago, the very concept of carrying out one’s banking through our mobile phones was unheard of. When whispers first began circulating that mobile banking was on the brink of becoming a reality, many thought it would be nothing more than a passing phase. As time went on, however, online banking has proven to be a steady revolution, changing the banking industry from the ground up. Like any great digital revolution, at first mobile banking was met with strong concerns around privacy and security – if the standard brick-and-mortar banks work so well, why upgrade them at all? But the reality is that, as the world continues to hurdle towards global digitisation and technological dependence, all industries – including banking – must adapt and be prepared to evolve. In this digitally-inclined era, people crave convenience, ease of access, and efficiency more than ever, and mobile banking provides all these traits on a sparkling silver platter.
The banking industry is currently facing a mass digital disruption, with the entire industry in a state of complete organised chaos. Traditional banks are finding themselves in sudden and fierce competition, and that competition is not always from other places. Mobile banking and web banking have turned the banking industry on its head. Consumers do not have to spend precious time and money going into the brick-and-mortar banks anymore; instead, they simply must log on and go through the process of whichever banking aspect they want to carry out with the click of a few buttons. While most of the population has gratefully embraced mobile banking after the initial concerns over privacy and security simmered out, the younger generations are the ones that jumped on the bandwagon first, and they are the ones that speak for the future generations to come. Millennials, after all, are the first generations that grew up surrounded by technology, and the future generations will only come into this world and be raised in a more digitally-inclined environment. Mobile banking is going to be the way for the future, and that future is kicking into high gear right now.
When whispers of mobile banking first began to circulate, there were mounting concerns around the privacy and security of those that opted to indeed use the technology. This was not entirely unexpected, because with most new innovations (especially those that are born of technology and digitisation) they are unfamiliar, and unfamiliarity causes logical concern among the masses (in particular, the older generations). There was the inevitable learning curve, but the big difference between mobile banking and other tech innovations is that every step of the way, solutions were imminent and advice and assistance were available, reassuring those that felt a little uneasy that it was the right move. These days, the mobile banking movement is practically universal. Mobile banking is a global trend, and it is currently in full swing. With no bank fees and an infinitely easier set up than going into physical banks has, the allure of mobile banking has been met with a fierce abundance of support, as users are finally able to have the convenience they so badly crave in everyday life, at their very fingertips. The entire concept of mobile banking speaks volumes about the power of technological advancement and digitisation across the board.
It is not difficult to understand why so many people have gotten behind the mobile banking movement with full support; after all, with so much technological dependence plaguing the planet, the very way that we handle our financial stability was inevitably going to go digital. It is not at all uncommon for industries and companies alike to create apps or websites that provide their consumer base with an easier, more efficient user experience. Gone are the days that traditional banks were vital to the consumer experience. Customers no longer must spend precious minutes – sometimes hours – waiting in line at the bank to get their finances worked out. Customers used to have to go through a series of time-consuming motions to simply transfer money, or create a bank account. These days, most bank-related instances can be carried out online or via bank mobile applications.
Mobile banking has changed the financial industry beyond expectation. The world is only becoming more technologically-dependent, and those of us that currently exist in this world (as well as all future generations) are more inclined to gravitate towards processes, systems, and revitalisations that not only speak to that dependency, but thrive on it. Mobile banking has made what was once one of the most frustrating everyday aspects of life, one of the easiest and most efficient in the world. This is undeniably a remarkable feat, and it is one that has earned the global support that it has amassed over time. You would be hard-pressed to find anyone that did not think that mobile banking has changed the world, and for good reason – even those that do not like the concept of mobile banking are quick to admit that it has changed the banking world beyond the point of return. Mobile banking is the way of the future for the financial industry, and this is only the beginning of what is likely to be a very profitable, very positive transition.