The Future of Financial Tech - What if You Only Had One Card?

Mar 07, 2016
Author: Ean Barnard

One card to rule them all! Financial tech is looking towards simplicity.

Financial tech is moving towards the streamlining and safeguarding of banking. Banking as we know it today has come a long way. In early days a piggy bank – actually just a clay pot – was the safest way to keep your money. Today we tend to take our banks for granted. Yet, banks are only the beginning.

Your money is kept safe by your bank. Even better is the service to access it almost anywhere on this planet. Yet we often want to complain about the cost of banking. Some bank accounts have a monthly fee of only R5 per month. How can banking make even more things possible? 

How will one card change my world?

Imagine a world where all your financial needs can be met through the use of just one card. One card that can access every account you own. Think about the seamless financial services that can happen. This might be where the banking future is headed.

Financial technology is making use of all kinds of solutions to establish a sense of elegance to banking. Banks and other financial institutions are already accepting biometric scanners as ways to verify the legitimacy of transactions. A biometric scanner is something that affirms whether someone is who they claim to be. For instance, a fingerprint scanner on an iPhone is a form of a biometric scanner. This will greatly impact the insurance future as well. In fact, Discovery voice biometrics to eliminate the necessity of security questions for their customers before handling a query. Streamlining financial services like this will serve all types of financial services.

Is the use of only one card good or bad?

The No’s

There is a drawback with technological advancements like this. Your whole financial life can be placed in jeopardy if a cyber-crook gets your one card. Security infrastructures must be impenetrable to justify and protect this type of banking. And, not to forget, if you forget this card at home you’ll be in for a bad time. Maybe this type of card will be the first to boast GPS tracking!

The Pro’s

The benefit is ease of movement. You no longer have to carry a big wallet around. No longer will you be in a pickle when you left the desired card at home. With one card you can access any form of financial service you are subscribed for. This may even lead to fewer admin fees on your bank statements.

Henry Ford, the founder of Ford Motor Company, made an interesting statement. He said that if he had to ask the public what they wanted they would have asked for a faster horse. Today we can’t imagine life without motorcars. Many ideas are frowned upon at inception. But the truly great ones will change life as we know it. One card banking just may be that.

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