Technology brings banks closer to home, smartphones

'American banks are on the cutting edge...'

Recent advances in technology have transformed the banking industry, with mobile banking and a wide variety of Web-based services becoming standard offerings rather than anomalies. More

To continue reading this article, please do one of the following.



FOCUS: BANKING & FINANCE

Technology brings banks closer to home, smartphones

'American banks are on the cutting edge...'

COURTESY CITIZENS BANK ON THE GO: Citizens Bank recently unveiled its new Android-advice app, bringing those customers mobile capabilities originally only available to iPhone users.
Posted 6/25/12

Recent advances in technology have transformed the banking industry, with mobile banking and a wide variety of Web-based services becoming standard offerings rather than anomalies.

But as the pace of change accelerates, who can tell what banking will look like in the future. For example, will your local branch even be necessary?

The most immediate technological change consumers are beginning to see is the expansion of mobile-banking services via the smartphone and tablet formats. “The bigger banks such as [Citibank] have offered this technology for the last two or three years, and although it’s used by only 20 percent of its customers, banks expect mobile banking to grow exponentially over the next five years,” said Bryan Yurcan, associate editor of Bank Systems & Technology, a subsidiary of UBMTechWeb. “This is the immediate future.”

Another service starting to gain popularity is mobile remote-deposit capture, in which customers can deposit checks electronically using a laptop, smartphone or tablet, for instant credit to their account. Paper checks are digitally scanned and an image of the check is electronically sent to the customer’s bank. “That’s the way ‘consumerization’ is going right now. Everyone wants to do what they want, right now. It will become widely adopted over the next few years,” Yurcan said. Large banks such as JPMorgan Chase, PNC Bank, USAA and U.S. Bank offer this service. Locally, the Rockland Trust Co. provides it.

And paperwork? That might become a thing of the past. “This technology can also be used internally to help reduce the massive amounts of paperwork such as a mortgage or a loan application,” he said. “That seems to be one of the next frontiers.” To do so, banks will have to invest in supercomputers not only to store data but to sort it for relevant information.

The fear that banks will have to consolidate and eliminate branches in order to survive looms, to some extent, in the background. “It has been an interesting point of debate,” Yurcan said. “Some think branches will be eliminated but others think the services of a branch will change. Umpqua Bank in Oregon has branches like Starbuck’s, with coffee and Wi-Fi. It’s a possibility.”

Next Page
Calendar
PBN Hosted
Events

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement