Finance, Tech

10 Ways Banking Will Change in the Future – Dan Schatt

The old days of your local corner bank are coming to an end, according to banking experts like Dan Schatt. In 2022 and beyond, you can expect to see many changes in how you bank. Here are 10 of the most important ones:

1) You’ll Bank by Voice

By 2022, experts predict that 50 percent of all banking will be done by voice. That’s because virtual assistants like Amazon’s Alexa and Google Home are becoming more and more common in homes across the globe.

2) You’ll Bank on the Go

We already see this with apps like Chase, Citi, and Capital One. By 2022, you’ll be able to manage your accounts via an app from just about anywhere. No longer will you have to go to a physical bank location.

3) You’ll Bank with Robots

At some banks, you can already do this. In the future, this trend will continue as more and more banks adopt robotic automation for everything from customer service to fraud prevention. In addition, Chatbots and other AI technologies will become ubiquitous.

4) You’ll Bank in Virtual Reality

Experts predict that virtual reality will become a common way to bank in the next five years. This will allow you to tour virtual properties, check your account status, and even make transactions.

5) You’ll Bank by Scanning Your Iris

This is already possible with the new Samsung Galaxy S8. As this technology becomes more common, you can expect to see it used for banking.

6) You’ll Bank Using Facial Recognition Technology

Some banks are already using this today. Soon enough, we will pay by scanning our faces instead of swiping our credit cards.

7) You’ll Bank with a Smartwatch

Experts predict that smartwatches will become the new norm for banking in the next few years. This will allow you to make transactions, check your balance, and more, all from your wrist.

8) You’ll Bank on Your TV

Some banks already offer their mobile apps on smart TVs. In the future, you’ll be able to do things like paying your bills, checking your account balance, and more right on your TV screen.

9) You’ll Bank with a Digital Wallet

This is already possible with apps like Apple Pay and Android Pay. We can expect even more banks to offer this type of technology in the future.

10) You’ll Bank Without a Real Account Number

You may not need a real account number to bank in the future. Some banks already let you add your social security number to their system instead of an account number. Some banks let you add other types of information in this way too.

11) You’ll Bank by Taking a Picture of Your Check

This is already possible with apps like Chase and Wells Fargo. This trend will continue as more and more banks adopt this technology in the future.

Final thoughts

In a world where everything is going mobile, it’s no wonder that banks will begin to follow suit. As a result, we can expect many exciting changes in how we bank over the next few years.