How tech is changing banks
Deposit checks with your iPhone camera? Banks as cyber cafes? Tech makes banking fun
Computerworld - It wasn't long ago that bank customers judged the quality of their local financial institutions by the sturdiness of their columns and vault doors. That idea is a throwback to an era when money was physical, and so was security.
Now, money is just data. And banks -- especially small banks -- are evolving rapidly to reflect that new reality.
No, I'm not talking about garden-variety mobile banking applications. Simple apps that let you check bank balances, transfer money and find branch locations already feel old and stale. I'm talking about trends that free you from ever having to visit bank branch offices again -- and trends that make you want to visit.
Breaking the branch habit
The only remaining reason for many of us to visit bank branch offices, wait in line and interact with a teller is to deposit checks. That's about to change.
The United Services Automobile Association, a financial services company for members of the U.S. military and veterans, plans to launch a free iPhone app that lets you deposit checks via your iPhone camera. The service will be called USAA Deposit@Mobile. To make a deposit, you use the app to log onto your account, enter the amount of the check, snap a picture of the front and back of the check, then touch the "Send" button. The bank sends a confirmation. Here's a video demo. This is such a compelling service that I'm thinking about joining the Army to qualify.
Of course, you can always find an ATM and deposit your checks in there. But that can give you a creepy feeling. How do you know the bank won't later tell you they never got your check?
Bank of America has installed about 12,800 new ATMs that print receipts that show scans of the checks you deposit. This is nice, because it gives customers proof that checks were in fact deposited.
Soon, you won't need checks at all. You'll be able to use your cell phone as a debit card, and also to receive money from other people's cell phones (it's best to get their permission first). A huge number of companies are working on technology and systems to offer this service. Even Nokia wants to get in on the mobile money racket. The company has registered the trademark "Nokia Money." They intend to launch a service, apparently, that lets you transfer money from your cell phone to either another cell phone or to a store checkout counter. In March, Nokia invested $70 million in a company called Obopay, which enables secure mobile electronic money transfers.
- Best iPhone, iPad Business Apps for 2014
- 14 Tech Conventions You Should Attend in 2014
- 10 Desktop Apps to Power Your Windows PC
- How to Add New Job Skills Without Going Back to School
- Slideshow: 7 security mistakes people make with their mobile device
- iOS vs. Android: Which is more secure?
- 11 sure signs you've been hacked
- OpenStack Hype vs. Reality: CIO Quick Pulse Open-source architecture can enable IT departments to build infrastructure-as-a-service (IaaS) clouds running on standard hardware.
- The Critical Role of Support in Your Enterprise Mobility Management Strategy Most business leaders underestimate the importance of tech support when they choose an EMM solution. Here's what to put on your checklist.
- Separating Work and Personal at the Platform Level: How BlackBerry Balance Works BlackBerry® Balance™ separates work from personal on the same mobile device, right at a platform level. Find out how it can work for...
- Protection for Every Enterprise: How BlackBerry Security Works Get an IT-level review of BlackBerry® Security, addressing data leakage protection, certified encryption, containerization and much more.
- Live Webcast On-demand webinar: "Mobility Mayhem: Balancing BYOD with Enterprise Security" Check out this on-demand webinar to hear Sophos senior security expert John Shier deep dive into how BYOD impacts your enterprise security strategy...
- Live Webcast Unmasking the Differences between Consumer and Enterprise File Sync & Share The consumerization of IT combined with the rapid pace of the modern mobile workplace is forcing enterprise IT teams to evaluate file sync...
- Live Webcast Workforce Mobilization for Improved Productivity A mobility research director from Aberdeen discusses reasons for extending legacy applications to mobile devices, and an integration strategist from Attachmate shows how...
- Getting Ready for BlackBerry Enterprise Service 10.2 Find out how BlackBerry® Enterprise Service 10 helps organizations address the full spectrum of EMM challenges, while balancing the needs of both the...
- Containerization Options: How to Choose the Best DLP Solution for Your Organization This webcast outlines a framework for making the right choice when it comes to containerization approaches, along with the pros and cons of... All Mobile/Wireless White Papers | Webcasts
As emerging technologies evolve they often find an initial niche in highly specialized scenarios, or in specific industry verticals, before expanding to wider areas of applicability. Within these initial niches, the early adopters can be anything from digital enthusiasts to fashionistas, or they can be folks simply using the technology because it serves a specific need extremely well. (free registration required) more