The speed in which we can send and receive money has changed dramatically over recent years. In the fast, to withdraw money from somewhere such as PayPal or to send a bank transfer to a friend would have taken 3-5 working days for the transaction to complete. Cheques are an even longer transaction, which is probably why they have pretty much been phased out for personal banking transactions. These days the way that banking works has changed and as such, it is often the same day that money leaves one account and reaches another – but is it possible for banking withdrawal speeds to get any faster?
Sending and Receiving Money in the Past
It is hard for any one of the modern generation to understand how much of a difficult process banking used to be. Even a seemingly simple request such as knowing how much your balance is would involve having to find the right cashpoint in order to print a mini statement or visiting an actual branch. These days with mobile banking apps anyone can instantly know their bank balance- in fact with digital transactions becoming much more efficient; cash is fast becoming a thing of the past.
Online banking has revolutionised the way that people are able to use their bank accounts and access their money. It means that people can be in charge of their own transactions and transfers rather than needing to directly contact or visit a bank branch to make this happen. This instant access to people's own financial transactions really changed the way banking worked and meant that banks had to work hard to keep peoples custom – after all, people could easily change banks and it wouldn't make too much difference as most transactions they initialised themselves anyway.
Over recent years the speed in which money is sent and received has changed massively too. Gone are the days where you would send money and it would reach the other person's account 3 to 5 working days later. Instead, most of these transactions are almost instant – in fact, some banking apps even have push notifications so you can be told when money is received; rather than simply waiting around and wondering if the other person has paid you yet.
Will Banking Withdrawal Speeds Get Any Quicker?
Peer to Peer banking transactions are now pretty much instant which means there isn’t any room for them to get much quicker. However, there are some business transactions that can take slightly longer – receiving a refund from a shop or withdrawing your funds from an online casino account for example. Technology and the faster processing of security checks allowed for developments in personal banking speeding things up and as such, it is likely that this will also be reflected in business transactions too.
Within industries such as online gaming, there may still need to be some restrictions, especially for accounts that are processing large amounts of winnings or carrying out unusual transactions – but this is something that can happen within the personal banking sector too. The truth is that consumers are starting to demand more and as such when they are lucky enough to be a winner at an online casino they don’t want to wait any longer than necessary to receive their winnings.
What Does This Mean For Industries Where Transaction Times Are Longer?
Across industries such as online gambling where withdrawal times aren’t instant, consumers are likely to start demanding a change. The internet and social media has meant that we’re all much more demanding on how quickly we receive things and get responses – with most people using instant messengers as a way of communicating as they don’t wish to sit around and wait for replies. As such, things like waiting to receive their own money is something that lots of people are not happy to do and is something that places that only offer longer transaction times will likely need to address.
The good news is that change is happening and it is something that users are definitely responding positively to. Recent tech developments have meant that instant payouts are possible at many online casinos as long as transactions meet the criteria. Most people who have joined an online casino will be aware of the process it takes to join and the ID they need to show in order to be accepted on the site. In order for instant pay-outs to happen, it is likely that accounts will need to be verified.
The fact that many online casinos now offer the chance to deposit into your casino account and withdraw from it using an e-wallet provider such as PayPal or the facility to use Cryptocurrency. This type of currency storage and usage is generally instant and as such it is another avenue for casinos to explore if they are interested in offering instant pay-outs to their users.
The Speed of Banking Transactions
With a majority of personal banking transactions happening more or less instantly there really isn’t room for these to get any quicker. However, the business sector is catching up and this is likely to continue. Mobile banking apps now allow for things such as loan applications and paying in cheques, as the whole financial sector moves towards offering a more flexible way for people to handle their banking. Throughout most of 2020 lots of banks and lenders even offered things such as mortgage application interviews via video call – so it is safe to say that the financial sector is definitely catching up and embracing technology. The more of this that happens and the more technology will be able to be taken advantage of and this is bound to affect transactions. Lots of online casinos and financial apps now have a way for new users to be instantly verified using selfies and their personal information and it is facilities like this that are helping the whole financial sector ensure that they are offering transactions in the speediest way possible.