Technology in Banking

Posted by Curt Wright on February 4, 2009 in PerkStreet Posts

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Banking is traditionally viewed as a very conservative industry, but there is no doubt that over the years technology has played a key role in changing the consumer banking experience. Nowadays we don’t even think twice about moving money around electronically whenever we want, accessing our balance at the click of a button, or withdrawing money from ATMs at any time of the day or night. But all of these things we now take for granted once weren’t possible.

As an engineer and general tech guy, I often wonder, what’s next for the world of technology in banking? There are certainly plenty of ideas out there. The rise of smartphones like the iPhone have made basic mobile banking more prevalent. Several companies like PayPal and obopay now offer the ability to make payments to your friends via text message, and there are even rumors that a major player like Google might try to get into the game as well. In Japan and parts of Europe, customers have been paying for goods and services with their cellphones for years. And believe it or not, some banks now even let you make deposits using a scanner or a fax machine. All of this technology may sound cool, but here in the U.S. it’s clearly not in widespread use yet. Why is this the case?

A recent New York Times article reveals that part of the reason is that rolling out the systems to support these types of solutions is a complicated task that involves a lot of different companies coordinating with each other. This may be true, but it can’t be the only reason.

Here at PerkStreet we hope to be forward thinking when it comes to technology, but we also recognize that technology simply for technology’s sake isn’t always practical. Technology must serve a purpose, and in the case of banking, it is usually to make something more convenient. ATMs clearly made getting money more convenient. Does paying for a Big Mac with your cellphone instead of your debit card really make your life that much easier?

What do you think about technology as it relates to banking? Is there anything you’d love to see offered that would absolutely make your life simpler? Do you depend on your cellphone so much that you want it to do everything? We’d love to hear from you.

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  • Chris

    I think the ability to deposit via scanner and transmit over the internet (using the bank’s secure site) is a MUST for internet banking. it would lower your costs as you don’t have to pay for postage (or UPS). I also think that a dedicated iPhone app is a must. It might not need to be as fancy as that military credit union (the one that offers the ability to deposit via a picture sent from the iPhone through their dedicated iphone app) but checking balances, transferring money, etc from a dedicated app, rather than having to log on to your website via the phone would go a long way to getting me on board!!!

  • Jessykara

    I would love a mobile app that lets me check my balances, transfer funds and pay bills. With the 2 day delay in transferring funds, it would be great to start the process anytime from anywhere…such as the ATM once I’ve deposited a check into the local bank I keep just for that purpose.

  • Kyle Psaty

    Thanks Jessykara and Chris,
    We are working on nailing down exactly what our customers want from a mobile app so we’re sure we do it right. This feedback is hugely helpful from our perspective!

    Please let us know if you have any other ideas about what our mobile app should be like in this comment thread.

    -Kyle

    Kyle Psaty
    Marketing & Community Manager
    PerkStreet Financial

  • Hollie

    2nd to Chris’s comment above – a mobile app (for Android), ESPECIALLY if it had remote deposit functionality, would win me over as a customer 100%. With the ability to pay bills, check and transfer balances in the palm of my hand, what more could a customer ask from a bank? All the benefits to brick & mortar branches would “virtually” disappear.

  • Kyle Psaty

    Dually noted, Hollie. We’re really excited about putting our savings account together immediately, but the mobile app is becoming a bigger and bigger priority by the day. Keep your eyes peeled for it and know we’re making it happen asap!

    -Kyle

    Kyle Psaty
    PerkStreet Financial

  • Jay Myers

    I agree with the comments above. A deposit in the vein of deposit via a photo. The current work arounds are work. I want to securely deposit via my iPhone (and Android). I want to transfer funds and do it without having to squint. :)

  • Dan

    I’m in agreement with everyone below.  An iPhone app that will allow me to deposit by photo (like many of the major banks are doing) as well check balances, locate an ATM, transfer money, and pay bills.

  • kboy

    I dont have a mobile phone. Will your mobile app enable me to deposit a check by  emailing you a photo from my imac? 

  • Brendan Carroll

    Hi Kboy,

    Our app will allow you to deposit by taking a picture with your phone.  We will also be rolling out a scanner version which will allow you to deposit via your computer (later date).  

    Best,
    Brendan
    PerkStreet Financial

  • Chad Smith04

    Any specific timeframe for the release of the apps?