With the emergence of apps now allowing us to do pretty much anything via our smartphones, the need to walk into a physical bank branch is becoming less and less. Whether you need to make a deposit, open an account or utilise any other form of basic banking, you can forget having to walk down to your local high street and queue like you once used to.
Mobile and online banking has evolved hugely, with tasks like the above being carried out with just a few taps of your screen. While the future of banking is of course digital, this isn’t the only change we look set to see. So what exactly does the future of banking look like? It’s integrated too.
Integrated Services & Third Party Software
The future of banking looks streamlined. Otherwise known as open banking, your financial data can now be shared which opens up the way for new apps and services. While the likes of Starling, Tide and Monzo have paved the way for digital only banking apps, your traditional banks are catching on now too. Look at RBS for example, launching the incredible Bó. Whichever you choose however, one things for sure, you’re about to enjoy same day account set ups, easy to use apps and seriously integrated accounting.
What Should Small To Medium Businesses Do?
While this may be an obvious switch for personal banking, what about small to medium businesses (SMB’s)? SMB’s account for a whopping £1.9 trillion in annual turnover here in the UK but in spite of their obvious clout in the financial world, they’ve long been ignored. Recent stats have even showed that SMB’s have felt undervalued by the larger banks having to face too high costs without the benefit of any specialised services. With stats like this, is it any wonder that the likes of Starling have then decided to target SMB’s?
Should You Switch?
While switching is never an easy task, it could let set to get a whole lot easier for SMB’s as Tide announce their intention to set up a trial system for switching, allowing you use their system with all of your figures, while your existing accounts remain untouched and untampered with. This will allow companies to trial their systems without having to go through the effort of actually switching before they decide if they like the new banking system enough to make the move.
Consult The Professionals
If you’re still not sure, or merely looking for advice on what you could expect to see in the near future, we recommend speaking with professional accountants. With their predictions of even further fragmentation of the banking market, now is most certainly the time to find out what your options are. Stay ahead of the financial markets and ensure you’re doing what’s best for you. Call Salient today on 01268 833 828.