Banking is changing and will continue to do so. So, check out how in this piece below.
1. Using Digital Checks with Banking
It is not unusual for banks to use digital checks but it is not something that is used in all areas. When a customer uses a digital check, it can be deposited in their account simply by taking a photo of it and using the app to send that photo to the bank. These apps make it convenient because you don’t have to drive to the bank and you can just take care of this necessary task at home. It also saves time and this type of deposit can be taken care of by the app alone.
2. Better Security through Biometrics
It is not uncommon to use fingerprints for security. In fact, other forms of security, such as a personal identification number, are used at ATMs around the world. Many other countries worldwide are expected to use fingerprints at the ATM by the end of the year.
In addition to using fingerprints at the ATM, those same sensors will be installed in Android and Apple devices. Many of the apps that are used by banks take advantage of fingerprint scanners to secure the app from the use by unauthorized personnel. Along with using fingerprint scans, there may be other security measures, including an eye scanner, voice command or a heartbeat. Those additional types of security are not yet used, but they may be a part of our future. Learn more about it here.
3. Virtual-Reality Banks
Most of us are familiar with virtual-reality because it is used in entertainment, teaching, and gaming. The banking industry is also considering using this technology as well. Even today, numerous banks are developing a virtual-reality service that can be used to help their customers. Through the use of virtual reality, the customer will be able to feel as if they are in the bank but they don’t actually have to step inside the doors. This will also add to the comfort of the customer. The only thing that is necessary for the customer to take advantage of this service is a virtual-reality device. This piece by Capita ITPS looks at some other interesting developments.
4. Analyzing Policy and Insurance Services Online
The Internet has a number of websites that compare policies and it is becoming a popular service among those who use it. These websites allow the customers to look through the different banks and see which one is going to provide a better policy by comparing them side-by-side. An increase in the PPI claim services may also be seen as these companies help customers to take advantage of the insurance.
5. Customized Banking Services
A number of companies, including iBeacon, are developing services that will further help their customers through customization. This customization may help individuals who are disabled as it will allow the bank to gather information when the client is on his way to the bank. This can help to increase the comfort level of the customer.
Even though cryptocurrencies have been around for quite some time, they are commonly not accepted by most banks. On an annual basis, however, the use of bitcoins continues to increase – look at its growth in e-commerce or the amount of betting with bitcoin now done. This increase is expected to continue throughout the near future. An alternative to bitcoins has been considered by some banks in the form of a cryptocurrency that is developed directly by the bank itself.