New Mobile Apps Evolving Our Banking Habits

 Source Technewsdaily

Since the advent of internet banking in the 1990's, smartphones and tablet applications will opave the way in the future, reports technewsdaily:

A Swiss study of 50 banks worldwide that have dedicated iOS and Android apps found that while most were extremely basic, a few of the apps demonstrate great potential.
"In terms of the future of mobile banking, it's very clear to us that when we talk about banking in general, a big part of this will be mobile," said Steffen Binder, research director of the Swiss market research group MyPrivateBanking that released the new report.

The article also suggests that mobile banking will revolutionise day to dat transactions as well as demand continues to increase and the US adopts the European Visa Mastercard (EMV) security framework. Contactless payment, whereby a phone can be swiped like a credit or debit card is also likely to become more widespread as the technology develops.

Edward O'Brien, channels adviser of Mercator Advisory Group in the US continued:

As mobile banking applications free up services now handled by tellers, bank branch offices could undergo a renaissance of their own. Greater staff time and a shift in focus would allow tellers to be conduits to financial advisors and physical space to host rich discussions about one’s financial future, O’Brien said.

"You could actually discuss with someone investment opportunities. Instead of just withdrawing or depositing, talk about where you want to be this year or next year. You could use the branch to really take investment to the next level," he said.

The way in which we look after our finances could be unrecognisable in just a few short years.