If you’re old enough to remember the days when you’d need to take a day off from work to head to the bank and wait in a line as long as life just to be able to do something as simple as upgrade your credit card or open another account, then you’re going to appreciate how modern day banking is likely to change in the next decade.
Even though the banking system has been fairly slow to catch up with all the major changes that have taken place over the last couple of decades in terms of digitization and automating processes, things are quickly changing (thanks to the rise of competition within the banking market) and we’re sure to see these changes go live in the next few years.
Without further ado, let’s get straight to the subject and see how things are going to change and what these changes mean for you.
Let’s get started!
More perks for employees
If you work at a 9 to 5 or any other corporation, you’re probably used to getting paid on either the last or first day of every month. However, getting paid earlier than this is already becoming a popular perk among employees, especially those who have banking accounts such as the sofi business account that makes sure you get your pay two days earlier than usual when you set up a direct deposit account.
Apart from this, you’ll also expect to make more money via cashback – but you’ll need to pick a credit or debit card based on your usual lifestyle and spend to make sure you get your money’s worth.
Some banks now also allow customers to have an account without the requirement of always having a minimum balance in it, which will come in handy for many people who struggle to keep track of or maintain their minimum balance.
More online, less offline
Gone are the days when you need to rush to the bank anytime the smallest issue needs to be dealt with. Banks are now quickly automating and digitizing many of their tasks and procedures, which means that you won’t have to step into a bank very often unless you want to. With online apps, net banking, and whatnot, customers can now get access to all the documentation and services they need right from their Web browser.
A direct benefit of this is that since customers no longer need to go to a bank physically to get their work done, there will no longer need to be multiple branches for banks within cities and towns – this will cut short on the expense it takes to purchase and maintain bank premises and buildings, thereby reducing operating costs which will, in turn, provide better value for the customer.
New services that benefit the customer
It’s no longer about how much the customer invests or earns and what they get back – it’s about what the bank can offer them as well which will ultimately play a role in retaining the customer in the long run.
That’s why many banks are trying to come up with new and innovative ways to engage with and retain customers, such as building loyalty plans and giving them more perks and exclusive services than ever before.
Hence, customers like yourself will be able to take a call on which banking service you’d like to go for, depending on the benefits, perks, ease of service, quality of service, online access and availability and other features that come with having an account with the bank.