Traditional Banking vs. Online Banking

Traditional Banking to Online Banking

It is no question that banking has experienced a massive shift over recent years. With the constant evolution of technology, “traditional” is always changing. Just as traditional mail saw a massive shift to email, traditional banking is experiencing a similar shift to online banking. This is all due to the proliferation of technology. Now it is no longer necessary to head to your bank’s physical location to handle various banking requests.

Online Banking

With online banking, you can check your accounts anytime you like. You can also transfer funds from various accounts at your convenience. You no longer have to abide by the bank’s office hours to handle your financial needs. All of your account information is available to you right online, whenever you need it. This infographic details some more differences between traditional and online banking.

Mobile Banking

In addition, further advances in technology have led to a rise in mobile banking. This form of online banking is becoming increasingly popular with a massive increase in smartphones and their technology. Now, every bank has an app which allows you to perform most of your online banking tasks right from your phone. It is safe, secure, and convenient. You can also now set up credit cards on your mobile device to pay with your phone, like Apple Pay or Samsung Pay.

Further Changes in Banking

Another change that I have been noticing from the mobile pay feature is cloud based pay. Just recently at the Made in America Festival in Philadelphia, I noticed how popular it is becoming. Instead of printing tickets to the event, you received a wristband which granted you entry. The interesting part about these wristbands is that it was possible to connect your credit card to them. When receiving the band, you would register it online then add your credit card information to it. Then at the concert I was able to pay for food and drinks by simply scanning my wristband and entering a four-digit pin.

Looking at how much banking has changed in previous years, it is evident that it will continue to do so in the future. What changes do you expect to see with banking in the future? Let us know in the comments or via social media!