The industry has made massive strides with access to faster banking solutions and accessible data, says Paul Inouye.
With the introduction of banking technology in the 1990s, the industry has never looked back. Paul Inouye has been in finance for over 30 years as a technology investment banker and has seen this change firsthand. In recent comments, the banker explained how much the industry has changed with the rise of banking technology.
“It used to be, banks were very constrained by their physical size and location,” he recalled. “Now, financial institutions can scale as quickly as they can attract new customers and apply the tech. Users can make a simple deposit in seconds with a phone camera and banking app—it no longer takes days to complete at a physical location. As a result, there are fewer and fewer reasons that patrons really even need to come into the branch at all.”
Paul Inouye says that there are many benefits that technology offers the banking world.
Clarity of Information: Having all accounts and their details available through a phone app and website means users can look at their information at any time. Paul Inouye says it’s easier for customers to check withdrawal limits, fees, payment due dates, remaining credit, credit scores and more.
Speed of Transfers: Money transfers can take seconds in some cases, he notes. Moving funds from savings to checking—or even transferring it to a friends’ account—is nearly instant and done with just the click of a button.
Real-Time Reporting: Charges to credit cards, deposits, withdrawals—most changes will appear in the account as processed or pending right away. Real-time access allows customers to see the immediate impact on their accounts for improved account accuracy, Paul Inouye explains.
On-the-Go Access: With the popularity of phone apps, most banks can check accounts and move money remotely. Access to anywhere accounting allows users to act with a more informed approach to spending. Bills can be paid from anywhere at any time through banking apps.
Cost Reduction: He says it’s cheaper than ever for banks to store their information, track customer behavior, and work with customers. Overhead is reduced because most traffic is now done strictly online.
Improved Communication: Paul Inouye advises that the online nature of banking allows thousands of computers to offer information round-the-clock and support centers to help more than one customer at a time.
Information Collection and Storage: Banks can now keep better records that are instantly accessible on customer behavior and account status. This has changed what banks can offer their customers and how they approach strategies and projection.
“it’s a huge benefit to have advanced banking technology,” tech investment banker Paul Inouye continues. “Banks need to stay on the cutting edge of this technology to be competitive.”
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