Tech Trends: The Future of Online Banking and Integrated Money Transfer Apps
The need for international money transfers has always been there. People in the past had to travel long distances to find sustenance to support families. The same demand continues but in a developed form. Earlier, the modes of transferring funds were tedious and involved hazards. But, now, the moving of funds has been made easy by one of the world’s most credible online money transfer companies ACE Money Transfer.
Initially, the banks facilitated transfers of funds across borders as banks were the first financial institutions to have streamlined financial matters. From the raw form, banks kept evolving and developing, and today banks also offer ease and convenience in moving your funds from one place to another or one country to another.
Of course, the facilities banks offer in this regard are not as expansive and multi-dimensional as those offered by reputable remittance transfer companies such as ACE Money Transfer. But, still, the banking clientele is enormous worldwide.
Let’s take a quick look at a few areas where online remittance transfer companies benefit from banks.
Areas where online money transfer companies have leverage over banks
The following three are the main areas where online companies enjoy leverage over banks.
Banks still take several days to transfer funds.
Many expatriates who send their remittances back home choose to do so through banks despite the fact that they complain about the time banks take to move funds. Of course, people still choose banks because of the trust issues that people face due to some unscrupulous elements in the remittance market. Despite all the positive development that has affected the banking sector, they still take between 3 to 5 business days to transfer funds internationally.
Banks still charge enormous fees for their services
Banks still charge huge fees as their service charges. And these charges vary depending on the destination and the volume of funds.
Transacting through banks may not be the best way to transfer money internationally.
It is primarily because of the travelling hazards that are involved. Of course, you have to go to the concerned branch physically for different matters. It is the transfer of funds and many other issues like account authentication, biometric and issuing of cards, etc., that require your physical presence in the banks. Therefore, banks do not necessarily offer the best international money transfer services.
So far, you have read about the banks and their services as they are today. Let’s now take a quick look at the future of online banking.
Future of online banking
The era in which we live is driven by Artificial Intelligence (AI). AI has affected our behaviours and has penetrated deeply into every aspect of human life. And there seems no end in sight.
The financial world is primarily based on this technology. And, of course, the banking sector is the backbone of the financial world.
In this context, the following are the ways in which the future of online banking is shaping up.
Self-service is a pleasant experience for banking customers
Gone were the days when people would wait in long queues outside a bank’s window and fill papers. The banking sector is fast-moving towards self-registration, distant account opening and seeking loans online, etc.
APIs are becoming essential.
Complete integration in the financial ecosystem is essential for the times ahead. Therefore, the banks are increasingly integrating their products and services through APIs.
Instant payments save the biggest money — time.
Banking customers are fed up with the delays in payments that operate typically. The coming time demands immediate payments, for which the banks are preparing fast.
Cloud computing is replacing the conventional methods
With the penetration of FinTech in the financial market, the banks are increasingly shifting towards computing based on speed, agility, and accuracy offered by Cloud Computing.
Biometrics to marginalise frauds
Banks have information that is sensitive to the customers. Securing that information through papers has always been risky. Therefore, banks are essentially incorporating biometrics in every service they offer.
Sharing your experience online is helpful.
More and more technological penetration makes it easy for the customers to share their experience with others online on a broader scale. And that, in turn, makes it even easier for others to shape up their needs and requirements accordingly.
Let’s now look at how integrated money transfer apps impact your banking behaviour.
Integrated money transfer apps and their effect on your banking behaviour
Following are how these apps are changing your ways of banking.
Payments have become cashless.
World Payments Report 2018 revealed that the volume of global cashless payments grew to $482.6 billion in 2016 at 10.1%. This growth will be recorded at around 13% in 2021. The world is increasingly shifting to cashless payments remotely.
Signing in is simple and secure.
You can sign in to your banking app simply by entering a user name and a password that are both easy to remember.
Wider customer support
As mentioned above, you can share your banking experience with a broader audience by simply writing a review about the services. Doing this surely evokes the customer support to take necessary actions and improve the services. It also helps others to make informed decisions about any product or service.
Financial planning is easier than before
With these apps, you can make your financial plans quickly and conveniently. These apps help you keep track of every penny that you expense out and keep a closer look at your income and expenses.
Get notified about the updates.
These apps help you stay updated by sending you notifications about the upcoming products and services and other updates in the banks.
Pay via scanning QR Codes
Make payments to anyone by simply scanning the QR Code through your smartphone. Obviously, most people have a smartphone these days. So, QR Code scanning is easy and convenient.
Let’s now take a quick and brief look at the pros and cons of money transfer apps.
Pros of money transfer apps
The pros of money transfer apps are discussed below.
With these apps, you save yourself from the hazards of writing a bank cheque or visiting an ATM. You can move funds right from the middle of your comfort zone at any time.
Transaction trail is visible.
These apps help you keep an eye on who you made payment to, when, and for what purpose.
Bare minimum charges
The charges you incur for using these apps are so low that their usage becomes just free of cost at times.
Now, let’s see the cons of these apps.
Cons of money transfer apps
The cons are discussed as under.
These apps are beneficial on an individual level. They are not fit for businesses and larger scales.
Limits on funds
Barring the online money transfer app of ACE Money Transfer, which offers the best international money transfer services, many online apps have a limit on funds above or below which you cannot send money.
Be mindful of which app you use. Many apps have weak security, and that can land you in trouble.
The best apps for online money transfer are few and far between. Obviously, the best international money transfer app is the one launched by ACE Money Transfer, given that it is completely secure and has no limits on the volume of funds.
Now, let’s see how you can safely use your money transfer app.
Use your online app safely.
No matter how secure your online money transfer app is, you need to exercise extra caution while using it. What portion of blame will you put on your online money transfer app if you make a typo error while entering the recipient’s details? Of course, you cannot blame the app. Besides, try to use unique passwords for your gadgets and, most importantly, never connect to public Wi-Fi. The first responsibility to use your online app safely lies on your shoulders.
While drawing a small comparison between the services of companies and online money transfer apps, you will come to realise that the app launched by ACE Money Transfer is the most secure way to send money abroad as it enables you to transfer funds cross-borders with an absolute peace of mind.