Finance

The Future Of Banking: IoT & Mobile Banking Trends

In this age of information, almost everything is connected to the internet. In recent years, desktop computers were the only pieces of hardware that many people could think of connecting to the internet aside from servers, which very few people heard of at that time.

Nowadays, almost everything can be connected to the internet, and this has been made possible with the help of WiFi technology. We call this system the Internet of Things (IoT).

The rise of IoT and smart phones has changed the way we work, and do business; the industry that can benefit from this the most is the banking industry. Before the internet was introduced to the public, banks were already using the internet to trade currencies amongst themselves. ATM machines, electronic money transfers, and credit-card transactions were also examples of this.

However, the real game changer was the introduction of smartphones and mobile apps. Nowadays, mobile apps aren’t just for big tech companies as you can now make your own mobile app using an app maker, and there are a lot of them available; however, Zapable is the best app maker you can choose in the marketplace today.

What does all this imply? It only means one thing, and that is that smart phones and smart apps are now accessible to the public consumers.

Today, we will explore the future or banking through the IoT and mobile trends. Let’s get started!

The Future Of Banking

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Mobile Banking

Because of the existence of mobile phones and mobile apps, it’s no longer difficult to grasp the concept of mobile banking. As a result, it has easily become popular among smartphone users. The idea behind mobile banking is to be able to transact anywhere you go.

In the past, banks introduced the concept of online banking. However, online banking was limited only to very few services such as online payments, printing of bank statements, and money transfers.

With mobile banking, people can now use their mobile phones to pay for their online and offline purchases. This means you can now use your smart phones to make payments instead of using traditional cash, debit/credit cards. It’s your bank that will pay for such purchases through the use of mobile apps.

As an example, if you have a career online, you don’t have to go to a particular bank location to make a deposit as all you have to do is to transfer it online to your bank. When you happen to need some money to pay for something, in just a tap on the screen of your smartphone, you can instantly make payments. This is mobile banking, and it is happening now.

IoT and the Future of Banking

Because of the capability of smartphones to perform banking transactions, banks are now beginning to get connected to other devices, too. For instance, retailers who want to claim funds from their customers’ credit-card transactions in their cash registers can now connect to banks through POS terminals.

As time goes by, more and more devices become connected to banks. It’s just a matter of time to see more and more companies focus on the IoT as this is big part of the future of globalization. The IoT is the future of banking industry, and we most likely see major advancements in this area.

Conclusion

Technology has already come a long way. It doesn’t only connect us to every page on the internet, but also to every device connected to it. Such innovations become very useful for banks to expand their customer base and future business.

About the author

Anees Saddique

Anees is full time blogger, writer and consultant provides tips, guides and articles related to lifestyle, tech, social media and business!

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