As we move into 2022, experts like Dan Schatt say the concept of banking will be changing radically. People who monitor the industry say alternative ways of managing money, like Bitcoin and other cryptocurrencies, will increasingly become part of the banking landscape.
Here are 15 ways experts believe banking will be different in the future:
1) Use of Different Devices
People will use various devices to conduct their banking, including desktop computers, laptops, tablets, and even mobile phones. As a result, banks will need to design their websites and apps accordingly.
2) Greater Integration of Banking and Social Media
Banks will increasingly partner with social media companies to offer integrated services. This will allow users to conduct banking transactions while staying within the social media environment.
3) Proliferation of Mobile Banking
Mobile banking will become more prevalent as people use their mobile devices to conduct all sorts of transactions, not just banking. This will include shopping, payments, and other activities.
4) Decline in Use of Checks
The use of checks will continue to decline as more and more people use electronic banking methods.
5) Increased Use of Apps
Banks will develop more and more apps to meet the needs of their customers. These apps will allow for a variety of transactions, including deposits, withdrawals, payments, and transfers.
6) Growth in Peer-to-Peer Banking
Peer-to-peer banking will continue to grow in popularity as people look for more convenient and affordable ways to conduct their banking transactions.
7) Rise in Use of Alternative Currencies
Bitcoin and other cryptocurrencies will become more common as a form of currency. This means that banks will need to adapt to this new trend.
8) Greater Focus on Security
Banks will put a greater emphasis on keeping their customers’ information secure. As a result, they will need to invest in new technologies that protect their computers and other devices from viruses and hackers.
9) More Attention Paid to Mobile Security
In addition, banks will pay more attention to mobile security as more people conduct banking transactions using their mobile devices.
10) Proliferation of Robo-Advisors
Robo-advisors will become more common as people seek affordable and convenient ways to get investment advice.
11) Growth in Use of Biometric Authentication
Banks will increasingly use biometric authentication methods, such as fingerprint scanning, to ensure their customers’ information security.
12) Greater Integration of Voice Recognition Technology
Banks will also incorporate voice recognition technology into their apps and other services. This will allow users to conduct banking transactions by speaking to a computerized system.
13) More Use of Credit Unions
As people become unsatisfied with big banks, they will likely turn to credit unions for their banking needs.
14) Increased Use of Blockchain Technology
Blockchain technology will become more common in banks as they look for ways to streamline their operations and improve security.
15) Decline in the Use of Paper
Banks will continue to move away from paper and toward electronic methods of conducting transactions.
These are just a few of how banking will change in the future. As technology advances, banks will need to adapt to keep up with the latest trends. So far, it seems that they are doing a good job of this. However, to stay ahead of the curve, consumers need to be aware of these changes and how they might impact them.