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Tech Changes that will Reshape Banking

Banks have typically been in the IT dark when it came to updating online access, and they’re known for using archaic software data systems as well as hardware that seriously needed upgrading.  They just didn’t want to take that leap.

But, it appears a change is in the works, as of 2011 – bank IT executives have been able to spend a little in the technology budget and the upgrading is starting to take place.

In 2012, technological budgets are looking to continue to increase, bringing banks up to compliance with new requirements as well as more sophisticated technology, changing the future of banking.  Wonders never cease.

Mobile Banking Revolution

Mobile banking has come up in the world, since the days only the technological geniuses could comfortably use it, or figure it out.  It has matured and is continuing to evolve from the simple platform most of us saw.  Now, with smart phones, laptops and pads we can literally do all of our banking online.

With direct deposit, there is no paperwork required, and this is not only great for the environment, but for keeping tract of our financial situation, on a daily basis.  No longer do we wait for that monthly paper bank statement, we can check our balances, have our balance texted to us in our chosen frequency, pay all of our bills, and reconcile our accounts from the comfort of our computers.

The banks have no other choice with all of the technological advances we’ve seen in the past few years, than to offer us more sophisticated banking services, and to offer them 24 hours a day – all year long.

Message Centres

Going are the days of emailing your bank’s customer service department and waiting a day to hear back from them.  Many major banks are dedicating web portals to be able to communicate directly with their customers, for secure interaction in answering questions, and assisting customers – and they are in the works.

The benefits will be the cessation of phishing emails, with the implementation of third party companies that specialize in security, anti-phishing, and encrypting, it seems the emails that have been attacking consumers and customers to obtain personal information will become obsolete with this new messaging system.


Check writing is on the decline, and automation is becoming mainstream, while more of us are online doing our banking, banks are looking to get smarter, and more automated towards self-service, sort of a retail store concept, which would allow better behind the counter processing capabilities.  Yes, those long lines should be non-existent in the near future.

Also changing is the check imaging and branch capture features, which allows banks to capture the front and back of checks and deposits, allowing greater accuracy during processing, and thereby allowing us to view the transactions online.  Having access to deposited checks and transaction slips will be beneficial, especially when trying to buy a home or to prove your income.  A simple click will bring up the transaction, and another one will print it.

Social Media

Banks that were previously not attuned to social media will be getting on the social media bandwagon.

According to Dan Marks of First Tennessee Bank, 2011 will be the year banks start getting involved in social media.   Marks’ bank is primed to instil tools to create a map between customer’s social media activity, and product purchases.

Regulators are looking at security and compliance now, and banks will need to educate themselves as well as their employees about the best security practices, however, we might see, in the near future, banks interacting on our social sites.

Loan Automation

This has been a consideration for years, bringing more automation to the lending process, however this year it might just take hold.  A recent study by Sageworks, an analysis company, showed that a large percentage of banks are planning to increase their commercial loans, and they, as well as the customer would benefit greatly by becoming more automated.

The mortgage loan process time frame has increased substantially in the time the application goes in, to the closing.  Mostly due to the mortgage crisis, as well as consumer scrutiny about banks.  They are taking their time to ensure a safe and secure process.

But with commercial loans, for business start ups and business owners, streamlining the loan process would give a jump to efficiency as well as customer satisfaction, which include technologies that will speed up the decision process, as well as allow the application and loan process to be accessed completely from the pad, or computer.

Although this is still futuristic, mostly because it will take a lot of work to beef up the security system, data capabilities and fraud detection tools, but banks are starting this process with a look to the future of online banking as it’s customers main source of access.

If you are not using your online services with your bank, it’s probably a good time to think about jumping on board.  The future is bright in banking, and it looks like our banking lives will be streamlined enough to allow for the fun things in life.

Author Bio:- This article was written by Justin from Mobile Phone Finder. He writes about tips and ways you can  compare mobile phone plans to get the most value from a plan.

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