We moved from the barter system to cash to cashless transactions now. Just in the last few years, we see many changes in the financial system.
Let’s use some major trends in the financial system.
- Digitalization: You can get all your banking transactions done from your computer itself today. We see an enormous shift from using paper to digitalization today. All the banking related tasks such as auditing, customer service, funds transfer everything has got digitised for tech savvy customers. It brings transparency and so customers are encouraged to move to digital services and also it is easy for the banks to maintain their customers account securely.
- Mobile banking: You just need a smartphone from which you can access your bank account, send and receive money, request for a new cheque book and update your personal details etc. Almost every bank is offering an app for their customers to download on their smart mobile phones to access their services. You can check your account balance and pay for the bills like mobile bill, power bill, water bill etc just from a device in your palm.
- Cashless transactions: We hardly need paper currency to buy goods and services today. Debit and Credit cards which are called plastic money are sufficient to go for shopping today. You can go to a beauty salon and pay using your plastic money and come out. You are not required to withdraw money from cash vending machines to pay for the goods and services today.
- Cryptocurrencies: Have you ever thought of transferring money to your friend and receive money from him without a bank involved as an intermediary? Yes it is possible. With the help of crypto currencies such as Bitcoin etc it is possible. It is completely decentralised and you can use this in many platforms including at your favourite casinos. It uses blockchain technology to facilitate financial transactions.
Not just the above, we can see other latest trends include cloud banking, using AI robots etc today.