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The future of banking is headed to online and mobile banking. Sooner or later, all transactions will occur online or through apps, all statements will be sent online or through apps, and bank branches will become nearly obsolete. This is actually already happening as paperless monthly statements are free while paper statements cost $2.00 each. This can be seen as an attempt by the bank to persuade people to shift to online and mobile banking. Furthermore, online and mobile banking are arguably the most convenient ways to bank. One can access their account anywhere as long as they have an internet connection. It is even more convenient than banking by phone, as one doesn’t need to go through an intermediary online. As more and more people are connected to the internet and as more and more people realize the convenience of online and mobile banking, more and more people will bank online or using their mobile devices. In addition, the next generation, my generation, was raised on the internet and on mobile devices. We are so used to using them for everything, that we’ll use them for banking as well.
With this rise in mobile banking, there will also be an increase in security. Banks will improve their encryptions and firewalls to prevent hackers from accessing funds and information. There would be better user identification technology to protect users from suffering the effects of identity theft.
Banking has headed into the digital realm, and thus has changed greatly from when my parents were teenagers. It is unknown what will happen to all the bank branches, but we can only wait and see.
With this rise in mobile banking, there will also be an increase in security. Banks will improve their encryptions and firewalls to prevent hackers from accessing funds and information. There would be better user identification technology to protect users from suffering the effects of identity theft.
Banking has headed into the digital realm, and thus has changed greatly from when my parents were teenagers. It is unknown what will happen to all the bank branches, but we can only wait and see.