How Banking and Money Will Change
The way people conduct their banking is changing every day. As the world changes to embrace more digital transactions, and with new technologies emerging every day, the possibility that paper money will disappear within thirty years is very plausible.
Bank tellers may also become a thing of the past.
Right now, for instance, in a select bank in Ohio and Texas they are test marketing 3-D Banking. Three
dimensional banking is very similar to video conferencing, but the bank representative can be seen in three dimensions. Incorporated with surround sound, clients interacting with the 3-D images feel as if they are communicating with a real person. Tests have shown very positive results in client satisfaction.
Predictions For The Future Of Banking
• Within 10 years it is believed that all banking will be conducted in a very “personal” manner. Through the use of facial recognition, voice recognition, or other biometrics, the banks will only conduct business when they can verify through these channels that you are who you say you are. This is not too far-fetched. The new I-Phone already has fingerprint recognition and a European bank is implementing voice recognition software as a way to prevent identity theft.
• Within 15 years, all ATM transactions will be conducted through mobile apps. To prevent identity thieves from skimming card numbers or tracking in numbers, a person will access their account through an app and receive a one use pin number for the ATM. Once they enter that pin code they
receive their money and the pin number becomes useless.
• Within 20 years there will be a significant change in the structures of the banks. Tellers ill no longer be available, and the only time you will talk to a person is during a loan application. Most of the bans will have merged into super-mega world banks and the small community ban will be a thing of the past.
• Within 30 years all paper and coin money will be obsolete and all monetary transactions will be conducted via digital means.
Of course, this is all speculation, in 30 years everything could be just like it is now. But then again, when President Carter stated in the 1970’s that in 30 years everyone would be using plastic money, the public thought he was crazy.