What may sound far fetched or an innovation for the future may in actual fact be closer to our present time than we think, with passwords being a thing of the past.
Biometrics security uses technology such as Facial, Retina, Voice and Fingerprint Recognition and is already being implemented into our passports and in Government Institutions. We already have biometric fingerprint recognition in our schools for school meals in the UK.
Banking institutions will use facial scanners and voice recognition to authenticate users to allow access to all the banking services. This will potentially eliminate identity theft by using an individual’s facial
characteristics to athenticate the user which is more secure than passwords and chip and pin or contactless that can be cloned or stolen.
What will happen eventually in the future we will have chips implanted which will hold all our data which will be a replacement for our credit and debit cards.
Recently MasterCard announced that they will be introducing biometric payment cards with built in finger sensors.
The concept will ensure that the user will have to authenticate the payment with their finger print which will authorise the payment. This will also act as a move over new EU regulations that will come into force later this year to combat bank fraud, enforcing people to have two way authentication security methods to complete transactions.
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THE FUTURE OF BANKING.
Tech giants such as Amazon, Apple, Google and Facebook will be the portals to banking for the future. Companies such as Apple, Google and Samsung already have e-commerce solutions on offer. They already have a large consumer base and will be able to offer loans and mortgages.
Obviously there will be privacy concerns on how your data is used especially after the recent episode of Facebook data sharing. The Open Banking Regulations give consumers the option to share data with third parties in order to help them manage their finances better. Futhermore convenience of banking online will eliminate fears over concerns.
Consumers are already adopting peer-to-peer payments, digital-first banks, cryptocurrencies and gold and silver bullion.
Business’s such as Amazon and Apple already have the contingency, technology and the ability to invest in such ventures. But the future of Banking in this way will have to be regulated for global financial stability, as this gives fintech companies the opportunity to follow suit.
Banks are closing at an alarming rate in the UK, at a rate of about 80 a month. In the past three years about 2,868 have closed across the country. We had in 1980, 20,585 branches across the UK, but by 2012 we were left with 8,837.
What will this mean for the people in the UK?, there will be less ATM machines making it more difficult to withdraw money. People without internet will have problems and the vulnarable people such as the elderly who go weekly to withdraw their pensions will be stuck to pay their living expenses.
The banks although they are projected to have made profits on the first half of 2018 of £13.6 Billion with the combinations of four High Street Banks – Barclays, HSBC, Lloyds and Royal Bank of Scotland – this will cause problems for many people who use cash only. It is estimated that there are 2.7 million people across Great Britain that only use cash for their daily living expenses.
Due to costly running of card machines not all business use them to make transactions and the ones that do insist that your transaction has to be more than £5.00 since the law came in this year that shop owners could not put a charge of 50p for transactions less than £5.00.
The governements and the banks are not thinking about the people they are just thinking how much money they will save in the long run when things change over to digital once they close the branches down. If everything goes online they will save on business taxes, and paying wages to the bank staff never mind the running costs of running a bank itself. Its a move that not all people in the UK will be happy about.
I on the rare occasion have to withdraw cash, this will mean that these business’s who only accept cash will be forced to use card machines or will eventually shut down.
Pubic transport uses a combination of cash or their own apps, people without smartphones will find it difficult to travel.
This is going to cause no end of problems for the public and for businesses.
Your can read more in an article from ‘The Express’:
Banking & High Street Banks.
Did you know Banks use bank marketing companies to market their products?
Did you also know that eventually everything will be done online and that high street branches will close?
Did you also know that evenually we will not have paper money and coins, as they cost money to produce?
So what will be the alterntives? it will all be done digitally just like our debit and credit cards system which is already in use.
But what entrepreneurs are experimenting with is cyrpocurrency which when it is fully regualated will be the next money system.
It obviously has a long way to go before every one recognises that trading with ICO’s (initial coin offerings) is safe. Google are making sure that any website that offers crypto currency has to have a license, which is a good move in my opinion.
But moving forward Banks need to secure keyword domain names so that they capture the end user of the search terms.
Banks can forward their keyword domain names to their websites driving traffic automatically for the keywords entered.
This is an essential tool to help generate organic traffic.
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