The introduction of branchless banks is a buzzword in our current times and the way its rising; it will for sure surpass in-branch transactions. Many analysts globally have predicted the closure of some physical bank branches and more enhancement in the field of branchless banking technologies.
For example, in the US, research conducted shows that in-branch transactions (monthly) fell from 11,400 to 8,500 in a span of about four years, that’s between 2006 -2010. What does this mean? It implies that branch transactions are decreasing at a higher speed than the past years. In 2013, the monthly in-branch transactions were about 6,000. And this explains why many banks are choosing to close or not open other small branches anymore and introduce many platforms to offer branchless banking.
Here, I’ll show you how branchless banks have impacted the lives of many people. In other words, the benefits to the modern society.
Branchless banking gives you the convenience to handle all bank issues with ease and quick. You can open a new bank account through your smartphone or computer and key in all your personal details without having to go and queue in the bank. Also, you can access your bank account 24/7. All you need is access to the internet and to have registered for online bank services. You’ll have a secure mobile login, check your balance or request bank statements anytime, get rewards for shopping via the mobile app, and no paper filling when paying for items. You don’t need to carry money in our wallet anymore; you can just pay using a mobile banking app.
You can access your bank from the comfort of home without having to visit the main branch. The only time you need to visit the bank physically is when you need administrative issues such as replacing your ATM card, Increasing your daily limit, etc. But if you want to purchase kinds of stuff at the convenient store or pay your bills you can just do that with only one tap. Many banks have made it easier by bringing branchless banks in forms of Online banks websites, mobile apps, or sim cards that are linked to your bank account. Also, from your mobile banking app, you can be able to view the locations of nearby ATMs. With branchless banking, you can get money no matter where you are with no hassles involved.
There no feeling that’s better than knowing your hard-earned money is safe at all times. You can link sim card to your bank, or if the bank offers their own sim card services, you can acquire one from the bank. You’ll be receiving alerts anytime and anywhere no matter where you are, when there is any activity happening in your bank account such as withdrawal, deposits, etc. Also, if you lose your ATM card, you can login into the mobile banking app and block it to prevent anyone from using it, especially if there can crack your password. You can enable alerts for your bank account, and you’ll be receiving notifications in your mobile bank app, computer, or in your phone’s messages. If you want any help, you can live chat or call bank officials via their online platforms through either a mobile app or a web portal.
Where are we heading right now with branchless banking? I would comfortably say that with the way our world is becoming more digitalized that’s the same way branchless banks are becoming the way to the future.