July 4, 2013

The Future of Banking

According to international banking report, the future of banking is technology. That is, most of bank transactions will be done online which will translate to a lower branch banking cost. On the other side, it is also seen that lending can be directly done without bank intervention. There is already developed website flat form, where in the lender and the borrower can interact, like buy and sell website; the difference is only on the products being provided; the former provides financial instruments while the latter provides tangible products such as cell phones, laptops, tablets and the likes. This financial internet flat form will be able to provide credit standing of the borrower with the help of sophisticated data mining programs.

The above development is possible because now a day everyone has free access to the internet. The question is; will the Filipinos adopt with this kind of banking method? Filipinos will adopt if the internet is secured. We know that the main reason for banking is security.

Today, there is still uncertainty about the internet safety. Many reports have found hacking incidents linked to credit cards. Hackers use the collected information in the internet, such as birthday and other personal information, to unlock the secured credit cards and savings accounts. People who are using their savings and credit cards online are the targets of these hackers.

Given the above incident, the success of online banking is relative to internet security and promotion of online safety.

1 comment:

  1. Very true, people should be very careful in doing financial transactions in the net


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