How Has The Banking Sector Eased Our Lives in The Present?

Money is an integral part of our lives; it is the commodity that is almost as important as our happiness. So, managing it prudently and keeping it safe is paramount to us.

Now, where do you go you need to safeguard your cash? Keeping all of your money in your wallet or your home is not safe or even wise. The rising number of burglaries and thefts is why this is the case.

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So, where do you keep it? The answer is simple. You retain all your money in the bank.

With going cashless becoming the newest vogue in society, banks have become even more crucial than ever. The fact that while keeping your money in a savings account with your bank does not go unnoticed and is quite appealing.

Here are five reasons why we must appreciate the banking industry.

The Internet Banking

The first and foremost reason is the development of internet banking. This is a service that has made the long queues for bill payments a thing of the past.

Do you even remember the last time you went to a store to buy minutes for the phone calls?

Do you remember the last time you physically deposited a utility bill?

And do you remember a time when you went to Ikea and paid with cash and not your card or just your phone number?

I do not remember any of these. And I am sure most of you do not either.

Even though online banking originated in the UK in 1983, it picked up its popularity in the 2010s. The past half-decade has changed the way people see banks.

Internet or online banking has made it possible for us to perform every banking transaction through our phones.

Doorstep Services

Did you ever imagine in your bank or its executive will bring the banking services to your doorstep? Growing up in the 90s, when my parents had a mandatory weekly visit to a bank, I never in my wildest dreams thought this was possible.

However, I was wrong. Banks, not just in the UK but all over the world, provide door-to-door services to their clients.

These services include;

  • The pickup of cash for deposits and delivering the same like as withdrawal;
  • The pickup of cheque or its requisition slip;
  • The guidance of an official to make you acquainted with the facilities provided by the bank;
  • And some banks will even allow you to consult a financial advisor at your home to learn the art of money management.

From the most basic facilities to the extravagant kind, doorstep services will let you enjoy them all.

The CDMs

The ATMs are widespread in the present. You will see one or a few of them in every marketplace. Their function is to help the user to withdraw cash from his bank account through his card and the machine.

However, today is a different kind of ATM provided for the comfort of the user.

When you have cash in your hands, and you want to deposit it, we usually go to the bank and do it personally. The queue and the form filling, being a part of this procedure.

What if I told you that you do not need to go through that again?

The CDM or the Cash Deposit Machine is just like an ATM, but it works the opposite way. Instead of withdrawing cash, the CDM helps you to deposit it.

All you need to do is

  • swipe or insert your card;
  • and the box on the top of the machine would open,
  • put the cash inside it;
  • Get the receipt and voila, the cash would reflect in your bank account as soon as you walk out of the room.

I have used a CDM so many times, and I still find it to be a surreal experience.

The Alternative to Banking Sector

I know this blog is about the banking sector; it would be incomplete if the services of its alternative were not mentioned.

The banking sector was and is dominant as a lending option. However, at present, its dominance is laid on a shaky foundation. Direct lenders are increasingly gaining ground in the provision of loans.

It is because;

  • They have a pretty easy to understand and quick modus operandi, that can be done within mere minutes, unlike banks.
  • They cater to all categories of lenders, despite their credit scores. There are even loans for a borrower with a CCJ tag.
  • There is every kind of loan available for the seeker. Be it a loan for a few weeks or long term loans from direct lenders will accommodate your need pretty quickly.

Even with its slightly high rate of interest, the banking sector’s alternative has often acted as a savior for many borrowers with no other option.

Winding Up

I wrote about the banking services because I wanted you to realize how important these are to us. In the current pandemic, they are even more critical.

The bank workers are one of the front line workers in the crisis; they have not taken leaves of absence. In the suburbs, bank branches have more people coming in then the cities. Even direct lenders like Target Loans are providing loans to people without a full-time job.

This blog is a token of appreciation from me to them and their valor. Thank you to the banking heroes.

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