Think Money
Share this post

Uses of Money: The Banking Revolution in Recent Years

In recent times, how people bank and use money has changed drastically. This is largely due to the rise of the internet and technology, which has made what was previously the norm almost obsolete, and it will be interesting to see what changes we will see in the coming years.

Online Banking

The biggest and most obvious change is the introduction of online banking. Banks have always been vital as somewhere to keep money safe and obtain loans, use money, seek financial advice, etc.

Not too long ago, a customer would have to visit their local branch to handle their account. Still, nowadays, it can be done practically anywhere thanks to online banking and using apps on smartphones to manage finances, including peer-to-peer payments, organizing direct debits, etc. It can be quick and easy to set up an online account with banks like Think Money, where you can then control every aspect of your account online.

Cardscontactless card readers for homeless people

Bank cards have also become the primary way to pay for goods and services, with cash forecasting quickly becoming almost obsolete. This has been a very recent development due to the rise of contactless payment, making it incredibly quick and easy to make purchases up to £30 without having to sign or enter your PIN.

It is rare for people to carry cash now, which has meant that businesses in all industries need to accept cards. In fact, many charities and local councils are trialing contactless card readers for homeless people so that people can easily make donations.

Uses of Money: Cheques

In today’s digital age, cheques have become almost prehistoric and tend only to be used by the older and small businesses. There have been calls to phase them out, but instead, it seems that there may be an alternative on the horizon in the form of cheque imaging.

This will involve taking a photo of a cheque on a smartphone, then sent to the bank, where the payment will be processed. In addition to not having to visit the local branch to deposit the cheque, this can also speed up clearing to a maximum of two working days.

Mobile PaymentsUses of Money

With the rise of online banking, it was online a matter of time before mobile payments became possible. Various services enable you to store bank details on your phone, which can then be scanned at certain point-of-sale (POS) terminals so that you only have to carry your smartphone with you. The rise of the internet and impressive technological advances have revolutionized the banking industry in recent times.

It is now easier than ever to manage your finances no matter where you are in the world, plus there have been new ways of making payments being introduced, which have eliminated the need to carry cash. The future certainly looks bright for the banking industry, and it is exciting to see what new technologies are on the horizon.

Article by

Alla Levin

Seattle-based lifestyle and marketing content creator. I build content funnels that guide your audience from scroll to action, blending storytelling, UGC, and smart strategy—so every piece of content has a purpose.

About Author

Explorialla

Hi, I’m Alla! Seattle-based lifestyle and marketing content creator. I help businesses and bloggers turn chaos into strategy, avoid wasted budgets, and secure future with a constant flow of clients — through paid and free marketing options and engaging, creative UGC content. Inspired by art, beauty, books, and adventures!

Categories

movies for entrepreneurs

Luxury Brands Marketing: They Don’t Sell Products—They Sell Dreams..

Trending Posts

I Recommend

All the information you need to understand the business world, your career, and marketing. All the information you need to understand the business world, your career, and marketing.

My favorite tools for creators

My favorite Tools for Content Creation

Courses
I recommend

Be Informed, Be Inspired - Join Today

Email

I do the research to understand your customer's journey, pain points, and what moves them to act

I create content funnels rooted in a deep understanding of where readers are in their journey—meeting them with the right message at the right time

I build content journeys that turn curiosity into conversion through storytelling, UGC, and smart funnels

I constantly run CustDev interviews and test what converts best—so every piece of content is backed by real audience insight