Chequebooks are seldom seen in society today, with the convenience of contactless cards taking over by and large. There were only a total of 405 million cheques processed in the UK in 2018, down from over 4 billion in 1990!
This is largely by design, as many banks choose to phase out chequebooks entirely by introducing a number of hurdles that didn’t exist before. This means that those who still rely on using cheques to pay their bills are being forced to adapt to survive, but online banking is not the complicated experience it once was. Indeed, statistics reveal that more elderly people than ever before are switching to online banking.
Has technology forever changed one of the world’s oldest businesses? We examine five ways that finance technology has evolved and how the death of the chequebook might not necessarily be something to fear.
The Simplicity
It’s never been easier to open an online account, with many online banks even foregoing the traditional brick and mortar route. This means you could be set up with a new account in mere hours without ever having to leave the comfort of your own home. The ease also extends to the user experience, with customer-centric practices and digital transformation taking hold amongst all banking sectors.
The Speed
Contactless technology has made paying by card quick and painless, with no PIN numbers to remember and a wave of apps that allows users to circumvent their cards entirely and pay by phone. The prevalence of online and mobile banking also means the queues at the bank have never been shorter, so those that do wish to continue visiting their bank in person can do so more expediently.
The Security
One area in which technology might actually have made the finance world a little more difficult is security, particularly given the rise of cloud computing, which can potentially be accessed from anywhere in the world. With advances in technology, there have also been advances (unfortunately) in cybercrime, with ‘phishing’ scams and security breaches through system hacking disturbingly common in 2019. To combat these criminals, banks are investing more than ever before in cybersecurity, whilst customers are advised to change their passwords regularly and steer away from using public computers.
The Service
Positive customer service experiences are rare in banking, with customers rarely trusting the word of their banks, at least traditionally. However, technological advances mean there are now so many more options when it comes to customer service. Whether that’s apps designed to produce a more cohesive and convenient user experience or AI chatbots that make customer service more available, there are numerous avenues that most global banks are exploring.
Modern fintech has changed the banking landscape indefinitely and for the better. It allows businesses to develop and scale faster and more efficiently and has given millions of people instant access to their funds. With such power and convenience in our hands, the death pot the chequebook seems all but assured. But you certainly shouldn’t be mourning it!
