How The Internet Has Changed Banking


Banking is recognized as one of the oldest businesses in the world. Started by the ancient Babylonian civilizations, it dates back to the 14th century. Farmers used to take grain loans from merchants so they could transport goods to other towns for trade.
The first bank, the Monte dei Paschi di Siena, was established in 1472. It’s safe to say that, since then the banking landscape has drastically changed. The digital revolution has transformed how banking works in the 21st century.



Let’s discuss some ways the internet has changed banking.

Virtual Data

Thanks to digitalization, physical data has been replaced by virtual data. Banking transactions can be conducted by a touch of a button. Electronic payments, computerized tellers and digital records have increased the efficiency of banking processes and have made financial procedures easier for customers.
Moreover, virtual data has made it possible for banks to do away with physical branches and only operate online.

Different Customer Service

With online banking customers no longer have to wait in long lines to pay cheques or withdraw money. From the simplest of tasks, such as money transfers to the more complicated ones, such as applying for a mortgage; can be taken care of through an internet connection from the comfort of your home.

Greater Global Reach

Online technology has made it possible for banks to operate across the world. Information in the cloud can be accessed from anywhere around the globe with just an internet connection. The large amounts of data have increased the demand of IT specialists and digital infrastructure. Finally, a greater global reach has opened new business opportunities for banks and has given birth to new industries.  
 


More Competition
One of the most significant ways the internet has impacted banking is by creating competitor industries. Tasks that first solely required banking services can now be done through different sources, such as money transferring services.

Activity Monitoring

The internet has given more control to the customers by enabling them to keep an on their accounts. Emails, instant messages and other services provided by banks have increased the level of data protection. In case of theft or fraud, these emails and messages can be used as evidence to punish anyone who engages in illegal practices.

If you’re looking for a trusted service for everyday banking, home loans, ATM services, credit cards, Online banking, and banking apps, get in touch with Tyndall Federal Union.

We’re a credit union in Panama City, offering easy-to-use and affordable financial services.

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