Keeping Up With the digital times - Traditional Banking to Service Based Banking

Recently, measures have been taken to replace traditional banking with service based banking, which is a modern means of handling savings or other accounts. The main reason behind this change is to adapt to a changing culture that requires instant results.

Banking has been a form of money storage, since time immemorial. This efficient system works to secure your finances especially for long term savings. This has been the most widely used function of banks, conveniently keeping people’s money safe in the bank.

Internet banking, for instance, has been a popular choice when people need immediate results. People can handle their transactions online with the ease of internet access. Security won’t be much of an issue because online banking sites are safe for access anywhere. These functions help people with their banking needs any time.

Internet banking is one of the mediums of service based banking. Customers can benefit from the advantages service based banking offers because there are many banking functions. For instance, people can transfer their funds between accounts through the money transfer service. Other services such as correspondence banking, check cashing, money transfer, international trade financing, letter of credit, processing, check 21 processing, and payday loan services help people transact and ease burdens with immediate results.

The importance of service based banking lies when customers require convenience. People want immediate response and service granted, especially when urgency arises. With service based banking, they are open to that instant response.

There are many amenities found in service banking that provide more benefits compared to traditional banking. These amenities cater to the immediate and long term needs through versatile mediums. That is, people can access their bank account from anywhere and even over-the-counter if they choose.

Traditional banking has its limits which may be withdraw and deposit services as compared to the many functions service based banking offers. Whenever ideal service is in mind, traditional banking should commit to service based banking opportunities in order to speed up service demands and other requirements. After all, in this high paced world, immediate response can go a long way if done properly. Service based banking offers more response than traditional banking does with more lines of services with higher margins and keeping in steps with the digital world.

Robin Trehan B.A, MIB, MBA is a financial expert, associated with Business Credit Funding and Credit Capital Funding. More information