The internet has changed every aspect of our society in the past ten years from the way we interact with our friends to the way we hail a taxi. Our entire lives can now be handled from the palm of our hand.
So what can we expect from 2020? We already know that 5G is rolling out and that will make the internet on our mobile phones even faster and better. But the one aspect of our lives that is about to change for good is the way we bank.
Already digital banks have started to break down the systems and structures of traditional banks but 2020 will see a host of new features available designed to win over even the most skeptical of customer.
Here’s all about 2020 technology for banks.
1. Smart Phone Only Banks
Branches of banks are closing at what many consider to be an alarming rate. This means it is becoming harder to manage your accounts face-to-face. But instead of seeing this as a bad thing, this is ultimately a step in the right direction and a triumph of new technology 2020.
Standing in line at a traditional bank, it can be hours before you see someone and when you do they will be harried and overworked. Unfortunately, this is one of the key trends in banking. Physical branches also cost millions every year to maintain.
Banks that exist only in the palm of your hand can reduce waiting times. What’s more, if there is a waiting time you don’t have to physically stand in the line. You can simply go away and do something useful as you wait for your smartphone to pint to tell you that an advisor is free.
In 2020 it is likely that many traditional banks will start to follow suit and will close their branches so that they can increase their online offering to compete with digital banks like this best bank based in Italy.
2. Digital Receipts
Many digital banks like Monzo and Revolut and traditional banks are trialing software to enable them to record the actual items you spent your money on when you go out for dinner or drink a coffee. U.K based Monzo, which is launching in the U.S, has partnered with Flux to enable this feature and it is available at some major restaurants already.
You don’t have to do anything extra, you just pay for your goods as normal and your digital receipt appears on the app. This means it’s even easier than ever to keep track of what you spend your money on.
Budgeting features of many digital apps can give you the option to see pie charts of how much money you spent in general on food and drink compared to bills or your different subscriptions. Imagine being able to see exactly how much you spend on specific favorite beverages.
The greatest thing about this feature is the fact you can save the environment. You no longer have to clutter your wallet up with unwanted pieces of paper because they no longer have to be printed in the first place.
3. Multi-Currency Accounts
Another popular feature of many digital banks that is likely to be emulated by other traditional banks is the ability to open multiple currencies at once.
Revolut offers a service that allows customers to change their money from U.S dollars to British pounds and Euros for no fee as well as a host of other currencies. These include Thai Bhat, Singapore Dollars, Hong Kong Dollars, and Swiss Franks.
Revolut also offers British and European bank details. This means you can be paid by friends from Europe or clients in those currencies and can spend them or change them for no fee into your home currency or currency of your choice.
TransferWise has a similar system but they also allow users to open accounts in Australian Dollars as well.
This is transforming the way people travel and opens up many doors to working with clients from all over the world. If you make friends while traveling and they need to pay you back for something, they can send the money straight to your account in their home currency without having to worry about hefty bank fees.
This level of open banking could create new business models in Europe that blows down barriers to previous global business ideas.
4. Integrated Loyalty and Cards
Another great aspect of digital banks is their ability to integrate loyalty points into their system. Instead of having to remember a physical card and then having to remember to get it stamped you can receive loyalty points just by paying with your bank card.
Some banks now also allow you to view other loyalty currencies in your app, for example, One World Alliance Avios points or air miles.
Another great feature that is the work for 2020 is the ability to add reward credit cards to your account. This way you can see the balance for your credit cards and how many rewards you are likely to receive that month.
This gives you a more complete picture of your expenses and saves you having to worry all the time.
2020 Technology Will Transform the Way We Spend
2020 technology is likely to encourage us to ditch paper-based banking. Receipts will be the thing of the past and instead, we will rely on our phones to keep accurate records of all our purchases.
Traveling abroad will be a lot easier as banks are granted banking licenses in multiple countries. They will make it easier to transfer funds between two different currencies easily.
But whether banks truly thrive depends on the economic weather and with forecasts suggesting the lowest level of growth since the 2008 financial crash, that remains to be seen.
If you are interested in reading more about trends in banking and new technology 2020 be sure to check out the rest of our site.