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All of us knew that someday we would be going to the next stage of banking where we would abandon cards. Imagine a life withdrawing cash from an ATM without a credit or a debit card. In this era of globalization, giving all the credit to the faster adaption of technology by the millions of users around the world, technology has shrunk all the day to day processes into just a smart phone.
Recently, Wells Fargo announced that their customers can now withdraw money from the bank's ATMs with just their smart-phones. This came as a big announcement by Wells Fargo and it was received quite well by the tech enthusiasts and moreover the banking sector in the United States. It reacted to this advancement as a "milestone" in terms of customer empowerment by allowing them to use their smartphones instead of their credit or debit cards to withdraw money.
Jonathan Velline, Wells Fargo's head of ATM and branch banking, said that the San Francisco-based bank decided to apply the smartphone technology to all of its 13,000 cash machines after piloting the idea in select locations across the country.
What Happened In India When The Government Decided To Make Day To Day Transactions, Cashless?
December 2016 saw a huge backlash from the commoners and tax payers of India. The Government of India discontinued the usage of Rs.500/- & Rs.1000/- (highest denominations) which led to a lot of chaos and people started lining up in front of the ATMs & banks. With a population of over a billion, Indian banks started welcoming their customers to deposit their older currency into their accounts in exchange for new currency, while the Indian Government claimed that this demonetization was carried out to curb the circulation of fake notes and people were left without cash for many days. The Indian Government took various initiatives to comfort people during this time including the launch of Bhim app, a mobile app that helped people transact online without any trouble.
"Digitizing transactions have different stages and the banking sector has to really understand its customers' privileges & adaptability to technology."
There was a lot of struggle involved in pushing people to use advanced methods of transacting money. But, money transfers made using mobile banking and IMPS (Immediate Payment Systems) i.e banking through text messages or online banking- showed the highest increase in over 12 months. Mobile banking transactions grew 175% according to an India Spend analysis of Reserve Bank of India (RBI).
A Banking Revolution - Cash Through Smartphones- What Has It Got For The Businesses Based Out Of The U.S.?
While the demonetization in India is a real-time example of crisis handling by the banking sector through technology, it is pretty unfair to call demonetization a failure. It has helped eWallet companies based in India like Paytm, Freecharge & Zeta to triple their customer base while they clearly took over this situation to ease away the difficulties faced by the people. They were longing for the right time and they empowered the urban and semi urban users to transact through their eWallets by integrating even the "petty" shops with a system that accepts digital money to purchase any product.
The United States has remained in the top 3 in the world for the highest number of internet users. It is estimated that 88.5% of the US population is well aware of what the internet is capable of and the internet has been a necessary utility like electricity to them.
While the apps are making processes involved in a business easier and a lot of companies have already started investing on building their mobile apps, why don't you think of doubling your ROI through building an app that is ready for the future?
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