The changing face of how we do banking

As the world turns more and more to the use of online and telephony banking the need to identify the customer is becoming more and more paramount. What does this mean for branches and for rural customers? In fact, what does it mean for all of us going forward? It certainly means that Banks now have to employ AML IDENTITY CHECK, like those from https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ to make sure that we are who we say we ar and that our intentions with the money we have are honourable.

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In the past Banks were almost like any other retail shop on the highstreet. They kept regular business hours, they didn’t open on weekends and once the doors were closed business did not start again until Monday morning. As with shops, this did create a set of regulars who came in and the staff and the Manager would be well known. To counteract this demand for money the automated teller machine, or ATM was installed outside of the bank.

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However, the introduction of the telephones ability to link to a computer in the 1980s signalled the start of the end. Now customers could see accounts, pay bills and move money freely between accounts without the use of a staff member at a counter to do it. This technology was even further advanced with the creation of Internet and Mobile phone technology. Now all bank services, including applications for products can be made without any human interaction.