So does this mean cheques are truly on their way out? Of course, it isn’t—but the changes in banking habits will affect cheque usage. Some changes that will bring about some good, however, include improvements in the process of clearing cheques.
Before, it can take several days to clear a cheque from one’s checking account. After all, the process includes physical confirmation of cheque details, as well as the archaic procedure of sending out confirmations and details. New tools allow faster cheque verification, while faster means of communication make bank to bank dealings quicker.
And then there’s the trend when it comes to bank connectivity. Suddenly, bank account holders need to connect their current account to their saving account. This isn’t an innovation, to be sure, but it’s as if it has never existed until now.
This is feature important? The answer isn’t clear cut: it depends on how you are using your saving account and current account. But the important thing here is that the option is now more widely available. It is no longer an option available only to VIP banking account holders; today, it’s as if everyone can benefit immensely from the hook-up.
What should change in banking?
So there are some innovations and changes that can help one determine the future of banking. But what things would bank account holders want to see in the future?
For one, banks could use improvements in determining and stopping online fraud and identity thieves. Identity thief should be considered as a major concern; it costs the entire world more than billions of US dollars every year. What can banks do to stop thieves from accessing people’s current and saving accounts, credit cards, and credit line?
In Europe, for instance, credit cards have improved data storage systems that would require card holders to input a pin before the transaction is approved. Improving credit cards to accept this kind of innovation can cost banks a lot of money—but just imagine many credit cards can be saved from scams if America and Singapore—and other countries as well—follow their example?
Better laws and rules that would benefit the consumer would be beneficial as well. Credit card holders are protected by the law, but only because you don’t for the purchase automatically. Debit cards, however, don’t work that way. Many customers would also want banks to focus more on current clients. Business is tight so many banks actually favor new clients by giving them more perks. What happened to loyalty?
Basically, the point is here his: bank account holders want better service. With so many choices available, it is basically criminal to stay with your bank if it offers substandard services and bonuses.
Who knows what will happen to banking after this? No one, needless to say, although all of these do indicate the banks are indeed willing to follow the trend when the trend is reasonable and provides a deeper layer of service and protecting the bank account holders.