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5 Ways Modern Banking Is Different From What It Used To Be

Do you remember the last time you actually went to your bank and spoke to the teller? There is a good chance it was a couple of weeks ago or maybe even months. Almost every aspect of our lives has been heavily impacted due to the advancements in technology. From the way we entertain ourselves, how we communicate with others and the way we work, technology has changed almost everything. The banking sector has also undergone changes due to this revolution and every area of banking has been affected, including how different banking services are accessed by clients to the way banks operate.

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Gone are the days when you had to stand in endless queues when you wanted to deposit a check or get some cash. Moreover, technology has also provided banks with a more efficient and convenient way of transferring and storing information.

Here are just some of the ways modern banking is now different from what it used to be:

1. Online Banking

Perhaps one of the most drastic changes to have occurred in the business and personal banking is online banking. Previously, when you had to transfer money, it was necessary to go to the bank and make the transfer, but that’s no longer the case. Today, moving money has become quite easy as you just have to key in your account details online, get access to your bank account and then make the transfer. With online banking, you can make quick and easy transfers and also check and manage your money from pretty much anywhere. Banking apps have also been introduced to make the process even smoother. Banks also benefits as their cash reserves stay intact because physical cash doesn’t have to be paid out.

2. ATM Machines

These days, we cannot possibly imagine our lives without ATMs that can dispense money on the spot, regardless of what time of the day it is. It was in the mid-80s that these machines grew in popularity and now there are more than 10 million ATMs used all over the globe. There are drive-thru automatic vending machines that can be used for getting money and even used for bill payments and money transfers. There are also super ATMs to be found that sell stuff like stamps and gift cards. You can find ATMs almost everywhere you go; whether it is a movie theatre, mall, bar, grocery stores, hotels and more.

3. Financial Integration

Since the banking sector has opened up to more online activity, other players have also developed an interest in the sector. A number of institutions have now begun to provide banking services such as prepaid credit cards, pay-day loans, business loans and check cashing services for a fee. These institutions can also provide other services that are typically offered by banks.

4. Global Banking

The banking sector has been globalized and this huge change has also been brought forward by technology. Sometime back, it was only banks in London and New York that were big financial hubs, but now banks in other countries like Beijing, Sao Paolo and Sydney have also become part of the fold. Banks all over the world are now enjoying a global presence and transactions can be conducted from anywhere and at any time. Their operations are now spread in different parts of the globe and data sharing has become easy and convenient due to the cloud.

5. 24-Hour Access

One of the biggest conveniences that people can enjoy now is 24-hour access to their bank accounts. With the availability of online services, banking can be done at any hour and on any day of the week. You just have to log onto your bank’s website and make the necessary transaction. This can be incredibly helpful because people can now conduct business on the weekends and during holidays as well. Furthermore, customer service offers are also available 24 hours a day and seven days a week so you can get any problem or issue resolved no matter what time or day it is. Gone are the days when you had to wait for official working hours to find a solution to your problem.

The banking landscape has been revolutionized and offers a myriad of benefits to the bank and its customers.

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