Disruptive Digital Banking Trends
The world of banking has gone through many changes in the last decade with the advancement of technology. Consumer demands have created a world where financial information is more easily accessible. Now, gone are the days where a person needed to balance their checking account with a ledger that was printed in the back of their checkbook.
Mobile and online banking
Two of the most significant changes to affect the banking industry are the internet and the mobile phone. Within 20 years, we have reached a stage where a whole generation has no idea how banking was conducted before the internet and the cell phone. Getting a physical check and going to the bank to deposit or cash it was a normal occurrence during this time.
The introduction of the internet didn’t have an immediate effect on banking since it took time to demonstrate security and earn the trust of customers. The convenience of internet-based services and the growth of direct deposit assisted the customer with their transition. Online banking added a degree of privacy to the financial world by providing the ability to check statements and view pending transactions from the comfort of your home without having to call and have someone give you the information verbally. These changes in digital banking trends also enabled outlets like PayPal for other online transactions.
The introduction of the smartphone was the next big game-changer for the financial industry. Having the ability to use applications from your phone that you would need to do from your computer increased the flexibility and volume of use among customers. With the growth of bank applications, it has fueled the emergence of transactional applications like Cash App and Venmo. Current digital banking trends have meant increasing demand for more banking features.
Business banking and related services
Business banking has become much more important with the increasing number of startup companies relying on a more tech-based financial and operating structure. Today, many small businesses use a Square card reader rather than renting a card reader from a traditional merchant services provider. This may encourage the business owners to link their transactions with a more mobile-friendly bank. The increased level of ease for a customer to access their funds is an added catalyst to the system. Likewise, a similar transition has taken place in related services like dealer banking. Medallion Bank has moved with market demand by offering a mobile app for consumer finance transactions initiated by home improvement contractors.
Financial literacy course
Technology has been a contributor to how fast money can move through the hands of the consumer today. It has become increasingly important to understand the fundamentals of financial literacy in a world where digital banking trends have accelerated the movement of individual funds. Access to basic financial services has become easier, but this has also increased the need for financial education. Currently, anyone can file their taxes online, but that has created the issue of doing so correctly. Medallion Bank now offers an online financial literacy course, Dollars and $ense, to address financial literacy given the fast pace of today’s financial world.
Be confident in your lending partner. Sign up with Medallion Bank today and make use of our mobile app technology and financial literacy course.