How Mobile Banking Will Unite The World

 

Do you hate carrying around a wallet? Do you hate searching for a branch of your bank so you can obtain cash? Fear not, as FinTech is here to live up to its name and take finance through its next technological evolution. Thanks to the increasingly international nature of business, access to financial information needs to be constant and available everywhere, which means banking can no longer be simply a brick-and-mortar institution.

Consider that there are 6.8 billion mobile subscriptions worldwide and large collections of people who do not have access to banks—either because of their remote location or level of income. Mobile banking is (finally) giving financial access to people who had been ignored by the big banks, which is a huge step in banking’s development. If you want a sign of how notable this new banking development is, just look at who is spreading the news. The Bill and Melinda Gates Foundation is putting its backing behind mobile money, proclaiming that the new technology will help impoverished people gain access to the savings and loan tools others have had access to for years.  (You can read about this amazing use of the technology here.)

Mobile banking and eCommerce benefits more than just the bankless segments of society. Innovations in mobile banking and eCommerce have created amazing and modern improvements to the banking process. This is incredibly important, as the younger generations (starting with the millennials) have grown up with technology and fully expects this technology integration into every aspect of its life.

Thanks to startups like Number 26, clients can check the app to see their balances, and even use their phone to deposit or withdraw cash at participating stores in Europe. In North America, bankmobile provides clients with payment apps, an easy and mobile way to deposit and/or transfer funds.

Technology is improving lives everywhere and mobile banking and eCommerce are great examples of this. In the new FinTech world, access to needed funds isn’t limited by what the big banks choose to provide. The question then becomes, when you need to choose who gets to manage your money, who are you going to call?