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September 2018

How Banking Has Changed Over The Last 30 Years

What are a Few Ways Banking Has Changed Over The Last 30 Years?

In the past, the main priorities of a bank were to give their customers a place to keep their money so that it was safe, it was used for making payments, it was a place where you could receive loans, and it was somewhere to go for investments. For those that used Banks 30 years ago, it is likely you can remember waiting in line at the Banks drive-thru on Friday to deposit your check. Many people who didn’t use a bank 30 years ago can’t even conceive doing such a thing. Now many businesses have ATM machines present and often purchase wholesale ATMs from a large wholesaler like Puloon USA.

On the surface, it may appear that not much has changed but that wouldn’t be even remotely correct. In the past, physical money was the primary commodity of a bank. It used this commodity by protecting it for its customers and by taking a percentage of the money that it was protecting and loaning it out to those who wanted to borrow money. But today it’s more about digits then it is about actual cash. This has allowed a number of online banking systems to spring up that have no need for traditional Banks and branches.

Some of the new online banks offer only savings accounts and CDs and everything is done online or on a mobile device. Paper money is slowly becoming a thing of the past and the future generations will likely look back at it in the same way many of us look at old rotary phones now. In the past, the keeping and protecting of paper money and coins required large formidable vaults whereas now, most money is simply kept in secure digital storage spaces.

30 years ago if you wanted to give someone money you would usually have to either give them cash or write them a check. They would then have to take that check and go to the bank and cash it. Now you can often transfer funds from one account to another right from your mobile phone. There are apps that are being developed that will allow someone to send another person cash straight through a text message. 30 years ago this would have been fantasy and pure fiction.

There is some talk now that companies like Google and Facebook and maybe even Amazon will get into the banking business by entering into services that allow customers to easily make payments through those platforms. It is believed that this will catch on quickly as people find how convenient it is to be able to transfer money from one place to another by a mobile device.