There have been drastic changes in the banking industry over the last few decades. Like the rest of the world, banks and financial institutions have digitally transformed, evolving through technology to provide a range of new solutions to old problems.
These days, international banking customers have several ways to transfer money, but ATMs are the most commonly used method. In 2019, there were 49.62 ATMs for every 100,000 adults, and this number has only increased since then.
Content Summary
The Emergence Of Modern Banking In 2021
With the emergence of new digital modes and internet banking, people have started to rely on digital banking systems – commonly known as e-banking systems globally. Having said that, recently, there has been a significant surge in digital banking as the global pandemic (COVID-19) hit the world.
Modern banking offers convenience, complete control over the finances, easy transactions, easy withdrawals, and benefit beyond banking. The benefits may include insurance, finance management, loans, and so much more.
In short, modern banking has brought a variety of benefits for the entire world. Above all, now all your savings and transactions are secured digitally, but they are always available on the go.
Modern Banking Solutions In 2021
Here are some modern banking solutions used globally:
ATM – Automated Teller Machines
The virtual banking system, which makes money available for you anywhere you go. It allows you to transact any amount of money from your account without any other banking’s agent involved in between. You can use a debit or ATM card to make this transaction through any ATM near you.
It not only allows you to withdraw money from your account but enables you to send money through additional ATM features. Additionally, they have a chip embedded in them and secured by a pin code. Some modern ATMs don’t even require a card anymore, as they can be accessed through your thumbprints.
Credit Cards
Credit cards are another great mode of payment, which allows you to spend first and pay later. A monthly limit is set for you for expenditure which you can pay at the end of the month. The limit set depends on your total income. However, you are charged a small amount of interest on every transaction, as the method involves a mini-loan system.
Debit Cards
Debit cards are the same as credit cards. Some ATM cards also work like debit cards with additional features. But, that depends on the service provider and your bank. However, debit cards are very different from credit cards because they do not let you spend on loans or limits involved with your account. You can use them for online shopping, bill payments, and so much more.
NEFT – National Electronic Funds Transfer
This service was first introduced back in 2015 to make nationwide funds transfer more effortless than ever before. It allows you to send money nationwide without any physical money exchange involved.
It is available for the public through basic net banking without any cost, safely and securely. Furthermore, the amount you transfer is always set to a limit, which means there is no chance of hacking.
Wrapping Up
Modern banking has set a new banking system for the entire world with absolute ease and convenience. The system is transparent, safe, secure, and hassle-free. Moreover, the cash transfers and withdrawal methods that we have today are better than ever, and it is continuously improvising for good!
