How Advancements in Portability have Changed the Banking Industry

Following the rise of the digital era, some of the largest global industries have found themselves revolutionized by modern technological developments. Along with many other market sectors, the banking industry has enjoyed vast changes in the manner in which they operate. With more and more people now online, such significant developments have resulted in greater numbers of people choosing to handle their finances online.

As the day-to-day lives of many are generally very busy, the need for convenience is greater than ever before. Due to the newly developed element of portability that has recently been introduced into the banking industry, a vast number of individuals are now able to handle the complexity of banking and finances without unnecessary confusion.

With that in mind, we’re going to take a look at how portability and website design has changed the banking industry for all generations, along with also considering if more can be done in the future to ease any remaining confusion.

Portable developments

Prior to the surge in digital advancements, banking was traditionally carried out across a range of different high-street branches. However, the global introduction of mobile banking has acted to remove the previously existing geographical restrictions that were in place. While mobile banking is available to anybody, it’s usage among millennials looks set to shape the future of the industry.

In comparison to other generations, the younger end of the age spectrum look to the latest technology to provide solutions that are empowering, quick, convenient and places them in full control of their financial futures. For many, such solutions have been achieved through smartphones and their portable possibilities. Aside from mobile banking, contactless cards and software such as Apple Pay have further changed the industry, with one-click payments becoming increasingly common with the younger generation.

The need for understandable user interfaces and websites

While the implementation of mobile banking has been a breath of fresh air within the industry, the need to create clean and user-friendly interfaces that are simple to use has also been a priority. Although many bank websites are still not as user-friendly as they perhaps should be, mobile interfaces are designed to ensure an easier line of communication between the involved parties. Many believe that providing additional support on website navigation would heighten the number of different people using digital banking whilst also simultaneously furthering external understanding.

The banking industry has arguably taken its inspiration for website categorization from other industries that have effectively used this to improve user understanding. Within the increasingly popular online casinos market, for example, platforms offering iGaming services create clear sections on their sites for each type of game. Taking a look at SkyCity Casino, we can see that there are live casino games, slot games and also clearly defined sections on how to find more information concerning their services. This allows prospective users to quickly and easily locate and attain rewards through an understandable interface – and that's just what we've seen more of from the majority of banks lately.

Can more be done to make mobile and digital banking easier?

Despite the changes to the industry, which have attempted to make banking far simpler for all generations, there is still more than can be done to eliminate any remaining confusion. While convenient mobile approaches and contactless payments have taken a huge step in the right direction, increasing website simplicity could prove vital in reaching the next stage of the digital banking revolution.