The banking sector, typically slower than others to respond to digital innovation, has started embracing the new technological disruptions in the smartphone industry, which have turned mobile phones from a peripheral convenience to a vital tool. Today, one does not really have to visit a bank, stop by an ATM, or carry a credit or debit card to make purchases or perform transactions. Numerous banking apps are available that are turning smartphones into a fully operational personal bank. For example, an Australian multinational bank, CommBank, recently launched a new mobile app that allows customers view their current balance, transfer money to other accounts, activate cards, and update PINs. It also helps them spot the location of the nearest ATM with mere swipes on their screen and shop through their mobile phones.
The traditional banking landscape is rapidly changing with new technological advancements in mobile banking. The GPS receiver in smartphones can be upgraded to deliver more precise ATM location information, improved risk, and fraud monitoring as well as new payment capabilities with location awareness. Blockchain technology will be used to decentralize financial management from a central authority to a widespread network of computers, thereby transforming banking and financial services. Card Tablet technology, another innovation, can be used to enhance the speed with which tellers handle customer needs. Adding high-tech accessories like card and fingerprint readers to mobile devices will take banking a step further into digital transformation. Another innovation that is expected to change the face of banking is mobile imaging applications, which have built-in quality enhancement and size truncation feature that empowers the staff to capture customer information anytime and anywhere. They also lead to seamless interactions between the sales staff, their offices, and the clients. Sophisticated mobile imaging and collaboration apps together can result in time savings, reduce operational expenses and improve productivity. Hence, to compete in the fast-paced digital world, it is important to stay up-to-date with new technologies and services.