The past few years have brought many new clients to web banking for their personal finances. It saves quite a lot of time, effort, and even money compared to the same services available at the bank branches. Now, there are many new ways to fund your account, send and receive money, and manage your finances. Innovation, globalisation, and the opportunities to invest are growing at a fast pace, too.
Undoubtedly, it’s more than convenient to get access to banking from the comfort of your couch or when you’re on the go. Nevertheless, the future of digital banking doesn’t exclude various factors that can affect the complete digitalisation of financial services. If you’re curious to know what the trends and obstacles will be, keep reading!
The progress of digitalisation
The pandemic has shifted the way we manage our money. Visits at the bank office have decreased significantly, which resulted in the rise of digital banking users. This led to bank offices closing down globally and stepping back so virtual assistants could take the lead – these are chatbots or bank staff members who provide digital customer service.
Another form of financial services transformation is switching from traditional banks to e-money institutions. Many clients seek an alternative as they share their distrust of banks due to the increased number of bankruptcies. If you’re looking for reliable and safe banking services – iCard Digital Wallet is the perfect solution! iCard is licensed under the European E-Money Institutions Directive, maintains the highest industry security standards, and guarantees the inviolability of all our clients’ funds.
We’ve previously discussed its benefits – besides opening an account entirely online, you can also:
- freeze and unfreeze your physical and virtual debit cards anytime;
- pay contactless with your phone;
- send and receive money in various ways;
- invest in cryptocurrencies and precious metals;
- track every activity in your account.
With iCard Digital Wallet, you can take advantage of many more great features – you can donate for various causes, buy e-Vignettes for your trip across Bulgaria, and access different prepaid services of your local providers. Everything is in one place, and you save time and effort. In 2023 we welcomed our virtual assistant – Vicky, who can help you anytime you have an urgent question.
The obstacles of e-banking
Regardless of the overall effort to digitalise bank services, most of the population (especially seniors) still need help adapting to technologies. Some don’t even use smartphones and prefer using cash, visiting a bank office, and getting assistance from an employee in person. Others tend to be less tech-savvy, and they’ve built enough trust towards bank employees. Technology can hardly replace the human aspect of customer service, especially when it comes to personal finances. In many countries, people don’t have sufficient financial and technological literacy, for integrating online banking services to succeed.
The risks of cyberattacks in the digital environment are also not uncommon. For this reason, many clients doubt the security level of their personal finances. Plenty of them are also afraid to pay with a card, since they are assuming that cash brings them more safety.
Even if the digital environment might be fraudulent, iCard’s highest priority is our clients’ security. We’ve integrated 3DS in our payment cards – both virtual and physical, as well as two-factor authentication and a passcode login for the digital wallet. Thanks to the real-time notifications, you can easily track every payment. Even if you didn’t make the transaction, you can decline the process immediately. You can freeze your cards for additional safety and in order to increase the security of your money. Our digital wallet has an intuitive interface and is easy to use so everyone can feel confident in managing their finances. If you need any assistance, our customer service is available via phone, e-mail, or chat.
Cryptoservices – a benefit or a disadvantage?
Over the years, the investment opportunities have grown significantly, and are designated to meet the needs of those who want to increase their income. The decentralisation of finances continues to unveil new methods – cryptocurrency payments, buying and selling precious metals, and shares investments. Such services undoubtedly become more popular and have the potential to develop over time.
In just a few steps, everyone who’s willing to expand their portfolio can own (part of) an asset in minutes. Now, every user of iCard Digital Wallet can easily access a variety of cryptocurrencies and precious metals, thanks to Bitpanda. The investment module offers over 200 currencies and four precious metals to unveil new horizons for every user who’s interested in the decentralised financial world.
Nevertheless, the market’s volatility remains one of the key factors in managing your investments. Building a rich portfolio hides some risks, and the asset’s volatility can result in losses rather than gains. If you are considering investing but still have some uncertainties and questions, we recommend reading everything you need before you start. Always seek licensed financial advice and research your prospects well.
Only time will tell how everything discussed so far will change the way we manage our finances in future. We know for sure that bank offices and cash won’t disappear anytime soon, which is excellent news for people who use traditional banking services and value in-person assistance for their funds. But the advantages of digital banking services are right there! If you haven’t found the right way to save time, money, and effort yet…
… download iCard to ease your everyday life:1