The way that technology has changed our lives over the last two decades has been on a scale that no-one could have predicted.
This has impacted on virtually all of our lives, as technology which was created for the business world now rules almost everywhere you look, from contactless travel cards to smart fridge-freezers - the desire for faster, smaller, more intelligent systems has changed the way we live forever.
Banks were once thought of as places with long queues, they were stuffy, and for people who work outside the sector, doing our own personal banking seemed out of the question.
The vast majority of smart-phone users now conduct their own finances on a banking app, reducing the need for physical banks, and putting more control in the hands of the customer. This has drastically changed the protocol of businesses-customer interaction for good.
So how has the pioneering world of banking technology changed our lives to save us the one thing we value above all else - our precious time?
The way that online banking was embraced by the masses created a positive for internet transactions as a whole – it has not only made banking faster; it has made it much safer.
When the technology first became mainstream, people were sceptical of online banking, and because of this, the developers of banking technology had to work to ensure it was as safe as a physical bank. Only this way were people going to be assured enough to try it for themselves. The use of internet banking services has doubled in the last ten years, from 35% participation in 2008 to 69% in 2018 – seven in ten people now use online banking services regularly.
Thanks to a demand for app-based technology in every aspect of our lives, and to software developers who continue to push technology to the very limits of what is possible, we now have seamless, instant transactions available to us at the touch of a phone screen.
While online banking was the first wave of digital banking that most of us experienced, mobile banking, which has now taken precedent, is even safer.
Most smartphones now contain built-in cryptographic hardware, which is not present in some PCs and laptops. This means that app users across the globe can bank in an instant without having to worry about safety concerns.
Bank from Anywhere
This is the way that banking technology has revolutionised the lives of ordinary people for the most part.
For regular banking app users, the creation of user-friendly banking apps has meant ultimate freedom as to when and where they bank. This Deloitte survey found that
globally, 73% of people use online banking regularly. It is something that many people take for granted, but just ten years ago, transferring your money to a friend or family member, or even transferring your own money between accounts could mean a lengthy phone call or a trip to your nearest branch, now it can be done easily in seconds, wherever you are.
Working in the banking sector you will know, that this freedom given to the customers has drastically changed the way that banks work. Banking tech employees
now face a different set of challenges, how to keep online customers engaged, how to streamline banking apps even further and how to work with new and emerging technology such as blockchain and make it work for your business.
Pay It Forward
For the banking sector, the rise of online banking has meant a drastic reduction in the number of physical customers they see on a daily basis.
This reduction in the time spent on routine banking for customers has meant that banks can give better interest rates and prices for their products – a win-win for both banks and their customers.
As mentioned earlier, banking technology has needed to win the trust of the general public in terms of safety.
Not only this, it has meant that software developers have continued to make banking systems faster, more user-friendly and continuously pushing the boundaries of what is possible.
The move from analogue to digital banking has meant that the types of jobs that are in high demand have changed with it.
There is a far higher need for IT experts in banking now, as banks embrace cloud computing and CRM tools. The demand for newer and faster technologies has created new and increased job opportunities for tech experts.
Mobile banking is now the most frequently used method of banking, overtaking online and traditional banking
, with this number predicted to rise.
How Much Are We Saving?
So, how much time exactly are we saving from banking technology? Mathematician Katie Steckles conducted a poll last year to see how much time modern technologies are saving us in our daily lives.
She concluded that internet banking saves us around 21 minutes per week
– that’s 18.2 hours a year.
Future Trends For Banking Technologies
What does the future of banking technology hold? With even greater migrations from standard models to online banking systems, it is predicted that stronger bonds between customers and the apps and online banking systems that they choose will be created.
Artificial intelligence has the potential to continue to predict what customers want, and to deliver it to them before they have asked for it – and that is precisely what the front line of banking CRM software developers are working on.
The success of digital-only banks is also expected to rise. A millennial-led tech workforce has blazed the trail for these more innovative systems. This is excellent news for banking tech companies, and their employees, as job opportunities will increase as the sector grows.
If you are a banking tech leader, who wants to strengthen your team going forward, get in touch
with us today. We have a vast circle of FinTech talent in the UAE and across the globe, and we will provide you with the best candidates to grow your organisation.
About Flow Banking & Financial Technology
The Middle East is a dynamic and growing market where identifying top talent and world-class professionals for the banking and financial technology industry is highly competitive.
Flow Talent provides an executive search service led by industry experts, geared to any level of role within the Banking and Financial Technology Industries. This service is driven by innovative, established and proven research teams who customise each requirement from our clients.
To find out more get in contact
with one of our team today.