Gone are the times when banking presence was measure just with the number of ATM terminals and branches. Nowadays, in order for a bank to be competitive with others in the International market, they are required to have an easy-to-navigate online portal, and mobile based banking application.
As per a recent study, more than 107 million Americans have conducted online transactions at least once a year in the year 2009. By 2015, the figure reached around 146 million, which makes for 59 percent of the total American population.
Approximately 25 percent of the Americans do some sort of banking. They check their account’s balance, monitor latest transactions and even pay their utilities online using their smartphone or other gadgets. With the increase in the use of Smartphones and other devices such as PC tablets, the trend have out grown and is widely practiced not only in the USA, but worldwide as well.
Nineteen of USA’s top 30 banks are already offering their customers with some form of mobile and online banking. Among these are Regions, Suntrust Online, U.S. Bank and several others. Bank of America is considered to be the largest bank operating in the USA. It already offers its clients with a robust online system. Wells Fargo happens to be the third largest, offering similar banking services.
By making use of the mobile banking services, customers enjoy several different means of accessing their bank accounts. They can easily perform transactions via texting, though this feature mainly varies from bank to bank. Some of the banks have also introduced the feature of Virtual Wallet, instant messaging along with on-the-move mobile banking services. This is generally done by taking a photo of paper checks, and then depositing them to the relevant bank accounts. Check out why personal finance blogs recommend these tips
Youngsters, on the other hand, have been enticed by such features; they are not the only ones who are joining the bandwagon. Even elderly people are now encouraged to sign up for these banking services because it offers them with utmost convenience and flexibility. The online form of banking has become extremely popular that people no longer prefer visiting the branches if they can have their transactions done right from the comfort of their home.
Perhaps, the era of brick and mortar banks is passing. There are some incredible technologies that are being implemented by the American banks. In the near future, more amazing services and innovations will be delivered. Those who are able to maximize these technologies will surely be able to get hold of a considerable chunk of market, while those who fail to adapt these innovations will be relegated to oblivious and will be out of the banking industry very soon!
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