All industries are being heavily influenced by new changes in information technology, and this is certainly true for the banking industry. There has been a lot of discussion about the influence of IT in the banking industry, and how it might fundamentally change the manner in which a lot of people perform banking transactions.
The Rise of Blockchain Technology
As blockchain technology becomes more and more common, there won’t be as many centralized banking systems. Many of the specific banking transactions that people perform will be faster as a result of blockchain technology, so this is something that plenty of bank customers might support. The fact that this technology will get so much consumer support should only make it more economically viable.
Paper Checks May Become Obsolete
A lot of people have already dropped paper checks in favor of making online payments. This is starting to become enough of a trend that paper checks may eliminated in the near future. In some countries, paper checks have already become a thing of the past.
Cash might be used more frequently than paper checks in the near future, but people are still starting to rely on cash less and less as well. Online payments are becoming convenient enough that most of the advantages associated with cash payments are disappearing.
Bitcoin and Similar Currencies Will Become More Popular
It’s clear that Bitcoin isn’t going anywhere, even though some people in the industry were skeptical of Bitcoin initially. Given how useful Bitcoin is when it comes to international banking, increasing rates of globalization should only make Bitcoin more relevant.
Many of the new technological changes should be positive for customers overall. They will also certainly have a huge effect on the experience of customers in general.