Back in the day when you wanted to deposit a check you had to go to a bank during business hours so it could be deposited the next day. In more recent years, you are now able to deposit a check using your smartphone- just make sure you downloaded your banks app first! But now that technology is becoming more advanced, where is mobile banking going to take us?
To begin, everyone is doing their banking on their mobile phone rather than doing it on a desktop computer. It’s just easier because we are always carrying around our phone. There’s no need to plug in a web address when we just have to login from an app.
There are over 2.7 billion ATMs installed today. According to Business Insider “The surge in volume comes more security features, teller-assist functions, and more. These “smart ATMs” should help drive down costs for banks by reducing the number of employees needed inside traditional branches. Furthermore, a recent Chase survey showed that younger generations are more likely to use ATMs than older people.”
Peer-to-peer apps have also exploded in recent years (thanks to them being easy). Most of the public uses Venmo. This service eliminates the need for consumers to stop at an ATM to take out cash to pay someone back. By doing this, it removes an extra step in the process.
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According to Business Insider, a recent BI intelligence survey of millennials..
- 71% say it is important to have an app while 60% say it is important to have an app to make payments.
- 51% say they made a purchase through a mobile website or an app in the past month.
- 27% say they used their phone at a store checkout in the last month.
While we can’t say we are certain about what’s next, we can say banking will continue to grow and evolve. Slowly we might start eliminating debit cards and the only way to pay would be through our phone.