In the olden days (25 years ago), banks set the rules and customers followed them. However, the future of banking is all about YOU.
How do you want to interact with your bank? What is the most convenient way for you to deposit, cash, save or pay? When and where do you want to talk to a teller?
Technology is driving this shift, but as online and mobile banking has given ‘power to the people,’ banks have been able to downsize or eliminate costly brick and mortar branches and invest in newer and better customer interactions.The result is really a win-win for everyone.
The following are five things that are here—or coming soon—that will bring you better banking in 2016 and beyond.
1. Going Mobile
Having your bank’s app on your smartphone now is helpful, but going forward, it could take the place of your cash, your checkbook and your debit card.
Freeze/Unfreeze: Lost your card? Just a couple of taps on your smartphone will freeze it until you figure things out.
One-shot deposit: Log in, upload a snapshot of your check, and you’re done.
Use your phone at an ATM machine: iPhone users can log on via ApplePay. Android users can request a one-time access code.
2. Souped-Up Security
While banks have experts monitoring their systems 24/7, there are several ways you can work with your bank to help lock things down.
Set up your security profile. It’s online and easy. Your bank recognizes if you log in from an unrecognized browser or device, and will ask your security question before allowing access.
Set up alerts via email or text. Set alerts for a variety of things – checks over a certain amount, deposits from an unknown source, missed payments and more.
Request a multi-layer log in. Once your user ID and password are accepted, the bank sends a 4-digit code to your smartphone. Enter that, and you’re in.
3. Bye Bye Branch?
Since we’re doing so much online, banks are closing neighborhood locations and moving to grocery stores, malls or other convenient locations. These “banking centers” are more open and interactive, using ‘Intelligent’ ATM machine for many things the tellers used to do. For instance, you can still get $100 cash, but now you decide how you want it (four $20s, a $10 and two $5’s). The machine makes it happen.
Tellers won’t go away completely. We’ll see “remote video tellers” available through the ATM screen or via videoconference. Another bennie? Tellers can be available for longer hours, as well as on nights and weekends.
4. Pass the Chips
The new “chip and pin” technology on your debit or credit card is better than the magnetic strip because it creates a unique code for each transaction. If your bank hasn’t switched your cards to the chipped versions, maybe you need a new bank.
5. No Cash Necessary
If you’ve tried paying something in cash lately, you’ve probably gotten “the look” from people in line behind you. “You’re paying with paper and coin? That’s so five minutes ago!” This year we’ll see more smartphone wallets and virtual currency, like ApplePay on the iPhone.