Development and Research in Today’s Banking Technology
Banking technology is always changing to accommodate the
growing needs of customers. Today’s financial world is a world of uncertainty
and many of the latest banking trends in research and development technology
reflect that uncertainty. As a result, there are changing trends that you
should know about.
Mobile Technology
More and more banks are offering services that are available on your mobile device. While some banks have been doing this for years, other banks are joining in on the trend and making this banking technology more widespread. From checking your balance on your phone to taking a picture of your check and depositing it into your account digitally and much more, mobile banking technology will likely grow throughout the next few years.
More and more banks are offering services that are available on your mobile device. While some banks have been doing this for years, other banks are joining in on the trend and making this banking technology more widespread. From checking your balance on your phone to taking a picture of your check and depositing it into your account digitally and much more, mobile banking technology will likely grow throughout the next few years.
Message Centers
An email account is very easy for an experienced hacker to get into these days. And if you have your personal banking information or messages from your bank in your email account, that information could be stolen or compromised. That’s why banking technology is moving away from sending emails to customers and providing more secure message centers for their customers to find the latest information that they need. This will also likely cut down on the phishing scams that send out emails that look like legitimate messages from the bank asking for your password and other confidential information.
An email account is very easy for an experienced hacker to get into these days. And if you have your personal banking information or messages from your bank in your email account, that information could be stolen or compromised. That’s why banking technology is moving away from sending emails to customers and providing more secure message centers for their customers to find the latest information that they need. This will also likely cut down on the phishing scams that send out emails that look like legitimate messages from the bank asking for your password and other confidential information.
More Self-Service Options
Banks are looking for ways to save money for several reasons. One of the reasons is because of recent legislation that caps the amount that a retailer can be charged per transaction when using one of the bank’s cards. The cap used to be at 44 cents, but it’s now 24 cents. As a result, banks are expecting to lose a couple billion dollars each year. To help offset those costs, banks are encouraging their customers to utilize the self-directed services that the company offers. Instead of mailing out statements, more banks are trying to get their customers to enroll in e-statements or paperless billing. ATM transactions are also encouraged rather than speaking directly with a teller and automated phone systems are replacing customer service representatives.
Banks are looking for ways to save money for several reasons. One of the reasons is because of recent legislation that caps the amount that a retailer can be charged per transaction when using one of the bank’s cards. The cap used to be at 44 cents, but it’s now 24 cents. As a result, banks are expecting to lose a couple billion dollars each year. To help offset those costs, banks are encouraging their customers to utilize the self-directed services that the company offers. Instead of mailing out statements, more banks are trying to get their customers to enroll in e-statements or paperless billing. ATM transactions are also encouraged rather than speaking directly with a teller and automated phone systems are replacing customer service representatives.
Added Security for Mobile Devices
Along with moving more services to mobile devices and optimizing the bank’s services for smartphones and android based markets comes the necessity for added security. Banks are looking for ways to make their technology safer for accessing on mobile devices which are a relatively new thing that banks are trying to catch up with. In the next several months and years, there will likely be many advancements on the security side of banking technology designed for mobile devices so customers feel more secure in logging onto their account from wherever they are.
Along with moving more services to mobile devices and optimizing the bank’s services for smartphones and android based markets comes the necessity for added security. Banks are looking for ways to make their technology safer for accessing on mobile devices which are a relatively new thing that banks are trying to catch up with. In the next several months and years, there will likely be many advancements on the security side of banking technology designed for mobile devices so customers feel more secure in logging onto their account from wherever they are.
If your bank doesn’t already have some of these advances
already implemented in their technology, find out if they have any plans to do
so in the near future. If not, you may want to consider putting your money in a
different bank that has a better dedication to the financial security of its
customers and their personal information.
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