Money transfer on the go – the evolution of digital financial systems

by Simon Hopes Author

Banking changed a lot during the past few years. The whole financial industry encountered several modifications because of the rapid development of technology and Big Data. Since everything moved online, people started to focus their attention on activities that do not require much effort to complete, including a simple money transfer. In the past, anyone who wished to transfer money needed to go to the bank and through a lengthy process until the money actually reached its destination. Today, you can complete a money transfer in seconds, from the comfort of your own home. Interconnectivity and rapid access to data are two factors that could influence the future prospects of banking. Here’s why banking on the go and cashless payments are the focal points of the next few years:

The benefits of money transfer

The most important advantage of money transferring services would be their efficiency. The rapid data processing makes it easy to send money to people anywhere in the world. You only need a device that supports online banking or any other financial app that you may be using for this service, and you’re all set. One example would be the Kora inclusive financial systems considering that their services work on various platforms, even offline. This means that you are not limited to the internet or a smartphone in order to be able to request money, to perform a transfer or deposit/withdraw money.

The second major advantage of money transferring refers to the possibility to keep in touch with people. In some cases, networking with people overseas is required for various purposes, such as completing a business transaction. It would be too much of a burden to go to the bank for each similar task. Go digital so you can take advantage of the flexibility it offers.

Big Data is the new asset of banking

You may wonder what Big Data has to do banking or money transfer. Well, the sources where Big Data gathers bank-related information are credit card histories, social media, transaction histories, web interactions and even call logs. This way, banks can get to know their customers better, eventually solving any issues they encounter. The same goes with money transferring. Using a digital money transfer services should be as pleasurable and effective as possible. Taking into account the current issues regarding online security, making the correct adjustments became a must, and Big Data could be one of the methods to solve these issues.

What digital financing strives for?

So, what is the future of digital financing? Digital technologies will continue to accelerate all of its branches, money transferring included. But what are the goals of digital financing for the next few years? Starting with avoiding identity theft and fraud and continuing with the need for immediate settlement and facile access to data, digital financing already has it all. The goal is to upgrade the features of digital financing in order to respect the requirements that show up in the way. If digital financing evolves, so do the eventual risks.