Today, the constant use of online ordering and mobile payments mean that access to cash through mobile portals is more important than ever. Mobile banking has been around for several years and many big banks continue investing in technology that can make account access easier and allow for more electronic payments. Many major banks and some that are online only are making way for new transfer systems and are also starting to research into more ways to protect against identity theft. Smaller locally-owned banks may not be completely up to speed with this yet, but with many cloud-based solutions and third party services that are starting to market themselves to these banks, services like electronic deposits Middletown OH will be more ubiquitous.
Cardless ATM Access Is on the Move
There’s been major changes to plastic credit and debit cards over the years such as adding EMV chips to them to try and thwart attacks from identity thieves using scanners or putting skimmers in readers. But there’s now a growing use of cardless ATMs where plastic is no longer needed. Instead, a banking app or a mobile pay service can create a virtual debit card to show up on an app that can be scanned by the ATM, and once it’s used it cannot be used again. It’s somewhat similar to a virtual credit card service for online purchases which also generates new credit card numbers for each purchase but with the capability of being used for physical transactions. Expect to see more biometric security measures put in place by banks as well.
Banks May Be Considering Using Blockchain in the Future
For right now, blockchain technology has been seen as the nemesis of banks because of what’s happening with cryptocurrency. Many banks feel that the cryptocurrency blockchain market is an open door for money laundering schemes and black market operations, but it’s also possible they fear blockchain technology becoming too strong and possibly running them out of business. Nonetheless, if they adapt to it and continue researching it as CNBC points out, they may find it can improve their security better than ever. This is because blockchain data is written into an entire blockchain network and has data that’s very hard to alter once it’s been entered, and the hash algorithms it uses can protect data during transactions. While there’s still a long way to make blockchain technology work perfectly for banking, using it to minimize account and data compromises could be a huge step for the digital financial world.
So where is banking going tomorrow? There’s a long way to go with all the new disruptions to consumer finance programs, but banking alternatives have already begun figuring out new ways to implement mobile payments, and even borrowing money could soon change with microloans. The bottom line is the possibilities for revolutionizing mobile banking are quite numerous, and as personalized banking becomes more of a trend, big data could start playing more of a role in how banking services are tailored to customers.