It is going to happen,alongside the cashless society that has been predicted. Sooner or later, all transactions and contact between customers and their banks will be through electronic banking. The main bonus of this system is that it is green friendly {think of the trees that do not have be be chopped down for paper, which means more oxygen for us to breath}.
It is safer than paper too, with all of our details such as bank account numbers, sort code numbers etc kept behind encryption codes {which are updated regularly}. It is fast and convenient and is available 24 hours a day 365 days a year for when we need to view are statements on-line.
More and more banks are switching to electronic and on line banking, saving them huge amounts of money in the process. This is off-set though by the staff that banks would not need to employ, which would be virtually a skeleton staff, because computers would then take the place of those who would have provided us with paper statements, and other services. It is not just financial institutions that will be providing on-line and electronic banking for their customers, but virtually every company too that has a bank account will be looking at this system.
Indeed, it makes sense. We have the technology available now to be able to make this work, as electronic banking is the future for companies, personal finance, and financial institutions.The banks would look upon it as saving money in wages, {as they would not have to pay out a huge amount in staff}. In fact, with electronic and on-line banking one could see banking staff losing their jobs in place of computers. This, I am afraid is the pay-off for a more stream-lined and efficient banking system.
Some people hesitate in doing their banking electronically, as they may fear computer viruses and such like, but one has to remember that every day there are improvements in computer systems, and their safety. Also, many banks realize that customers may find it confusing trying to navigate around their site – again, banks are improving their sites daily making them easier for the customer to navigate around.
Yes, there will be those that hanker for the good old days of banking with paper. Back in those days banks where not as faceless, and grey. The staff where known by name and even the bank manager knew his customers personally. But those days are long gone. We are now living in the 21st Century and people now demand ever more efficiency from the services we receive – whether that be from banks or anywhere else.
The public demand efficiency,speed, and the information that they need at their fingertips – especially when it comes to their finances. Yet, as is stated above, the pay-off is the lack of staff that would be available. Yes, there would always be a bank manager, to iron out any disputes or problems that one may have, but by and large the banks would be run by computers.
Electronic banking is going to happen, it is happening now in the majority of places, but it has not been taken up fully. This will soon change, with the whole nation going on-line. Electronic and on-line banking is growing,and growing faster than some people think. Soon dealing with our finances this way will be the norm, and not the exception.