Changes in E-Banking
E-banking is the way services are offered through electronic delivery channels. The first technology to offer this was the automatic teller machines, better known as ATMs. However, with the internet revolution there are new avenues available for both the bank as well as the customer.
Customers have faster access as well as 24/7 availability. The banks are seeing a more efficient way of operating offering cost-saving capabilities. Today technological advancements allow a customer to make a deposit by iPhone. This might one day result in making mobile payments at ATMs much less used. Another of the recent advancements in e-Banking is using the iPhone to make a bank deposit. The customer first takes a photo of the front and back of the check and these images are then transmitted to the bank. Once the bank verifies the images the check is then deposited.
This technology has also opened the door to allow customers to perform on-phone trading. Customers can also file claims if they have been involved in an automobile accident. If someone is in the process of purchasing a new home, or car, or other “big-ticket” item there are also loan calculation abilities. Several banks are using what is called, “touch phone to pay.” This is also known as ‘contactless payments.” One of the major phone carriers, Nokia, is one of the phone companies marketing the person-to-person payments. The company allows customers to send money to other users of mobiles. Customers can also pay monthly bills, including utilities. Mobile companies are taking a long look at the fact there are more than four billion mobile users globally and only 1.6 billion bank accounts.
All businesses are presently taking a look at what the future might offer. These companies must look at what is already available; what is available in the U.S. and Europe; what is (and is not) available in many foreign countries. There is a wide-open market for phone to phone payments. This could result in being an answer to cashless payments. These payment abilities are already available in Africa and South Asia. Other countries, such as India, offer huge potential. The mobile payment technology will make it possible to pay babysitters as well as e-retail purchases.
There is no doubt that the world, as a whole, is facing a new technology that will once again make life a little easier. The competition will add tremendous options for consumers in the future.