The rise of online banking has completely transformed the way in which people handle their finances. It is now hard to remember a time before online banking because it has become the common practice and such an easy and straightforward way of banking.
It used to be that people would have to visit a physical bank in order to manage their finances but this now seems prehistoric as practically all matters can be handled digitally. This enables people to manage their finances no matter where they are or the time of day. Visiting a physical bank can be challenging for those that live rurally, plus the strict opening hours used to make it challenging for those that work 9-5 so online banking made it much easier and more flexible for people to manage their finances.
Growth of Online Banking
Statistics show the growth of online banking too. In 2007 when the technology was relatively new it was 30% of individuals who accessed their bank account online with the figure skyrocketing to 69% in 2018. One of the major reasons for this growth is the rise of mobile banking which allows people to control their finances from their smartphone – this provides even greater flexibility because people always have their smartphone on them and do not need access to a computer.
Switch to Mobile Banking
Studies show that more users will use their mobile to manage their finances than a computer in 2019 – it is predicted that 72% of the adult population will perform mobile banking by 2023. It is also predicted that this will lead people to only visit the physical bank once or twice a year which will likely lead to further closures of high street banks.
Mobile banking is the future and it is easy to see why. Mobile account solutions allow you to perform a wide variety of tasks no matter where you are, including checking your balance, paying your credit card, managing direct debits, reviewing statements, setting up regular payments, transferring funds and even applying for credit.
Another reason that mobile banking is on the rise and will soon become the preferred method of banking is due to mobile payment technology. Mobile payments eliminate the need to carry bank cards and can make it quick, easy and secure to make a payment.
It is amazing the changes that have occurred in banking over the years and it is now hard to remember a time when people had to physically visit a bank and carried cash. Online banking has made managing finances much easier and quicker and this has been furthered with the development of mobile banking apps and mobile payments. Nowadays it is easy to manage money with just a few touches of a smartphone and it is exciting to see what the future will hold as the technology improves.