Then Vs Now: How Banking Has Changed Over Time?

If someone told us that the beginning of 2020 would change our lives completely and that we’d have to wear masks wherever we go, refrain from hugging people in public, and maintain social distancing even at a bank, I would probably not believe it. I mean, after all, the concept of wearing a mask was strictly forbidden back in the 1920s because it was a sign of robbery. But it all now seems very normal.

Honestly speaking, change is not at all easy, but these days, it has become a necessity and from what we understand, it will definitely lead to positive improvement. On that note, here’s a look at how banking has evolved in the past couple of decades and what the future is going to look like for all.

Payment Methods Have Shifted

Then: There was a time when we would get our paychecks on a Friday afternoon and we would immediately rush to our banks to incur a cash deposit, only to get stuck in long queues. It almost seemed all companies paid their employees simultaneously and they were all found in the bank right within the same location.

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Now: Direct deposits have indeed rescued us as well as our employees a lot of time. Now we don’t have to wait in queues anymore. Our cash is easily and directly deposited into our accounts right at the beginning of the month.

Managing Accounts Have Changed

Then: There was a time when we had to wait for a long time in order to get monthly statements. 30 days is a long period of time after all and you’ll end up spending a lot of time worrying about statements you’re losing in your email. This would actually take you a lot of time & you might have to go through them individually.

Now: Online banking enables you to check into your account anytime & anywhere you want by simply looking at your phone from the mobile banking app. But that is not everything. You also snapshot of your accounts along with those that belong to other financial institutions. Then you can use this information to balance your finances.

Paying Bills Are Not the Same Anymore

Then: There was a time when paying bills was super time-consuming. We would have to line up in queues to pay them on time and what’s worse is that sometimes our mails would either get lost or stolen. We would have to get our account statements in order to truly understand. If your check gets cleared, wonderful. However, if it doesn’t, then that's an issue. By the time everything has been reconciled or straightened out, we needed to begin the process over and over again for the bills of next month.

Now: With everything becoming increasingly online, bill payments have become a lot easy. You can easily add vendors, people you want to pay, request for new e-bills, and set up recurring payment methods. Whenever you write your check, make sure you include your routing and it will naturally go through many hands before it reaches the mailbox.

Carrying Cash Is No Longer a Thing

Then: Once upon a time, we had to carry extra cash or even a checkbook in order to pay up for the basics. We were entirely dependent on the cash we have in mind. If it is gone, it will never be found again. If the checkbook gets stolen, we will have to open a fairly new account in order to ensure financial security.

Now: In today’s world, we are highly dependent on credit cards. They are not just convenient but also much safer. In case you lose your card, you can easily block it and get yourself a new one. Customer representatives are also present to help you out. Along with that, there’s another bonus. You could customize the card using your best picture of a pet or a family vacation as well. You could customize the card using your best picture of a pet or a family vacation as well. To get a better understanding of how this method has evolved, you can read some of our banking articles on winden.co.

Subscriptions Have Been Introduced

Then: Many years ago, nobody would have imagined that buying products online or purchasing new subscriptions would even become a reality.

Now: Now we all make purchases online from people not just within our country but also others from across the world. From Netflix to Amazon Prime, we have to manage everything on our own, allowing us to make our purchases securely and safely. You also get the advantage of card swaps these days that let you update all your debit card details so that you enjoy uninterrupted digital services at all times.

Loans

Then: Remember there was a time when you had to take out mortgage loans and you had to fill out applications, add account details, and then wait to make a choice. This process could take you approximately 6-8 weeks and sometimes a lot longer than that!

Now: In today’s world, we are definitely required to review all important details before we previously had, but we can still close some of the loans within a span of 3 weeks in order to improve our technology. We could also complete our applications line or send/receive details electronically. What’s awesome about this part is that your loan officers are always present to help you out in any matter you require help with!

Conclusion

These are not the only changes we have witnessed so far. These days banks have become increasingly customer-centric in order to ensure the health & well-being of others. There is more importance placed on relationship building these days, which has improved steadily due to secure technology which makes the experience even better.

In other words, banks have certainly come a long way from the time they started, but the basic practices have not drastically changed. Even though history has altered much finer options, the purpose of a bank is still going to be making loans and allowing easy payment transitions. Given how digital the world has become, banks are going to continue holding an important space in our sector.