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Why Speed is Everything in the Digital Banking Age

There is no denying that the internet has massively shaped our lives over the last 10 years. Although access to the World Wide Web has been readily available since the early 1990s, it really is the last 10 years that have seen it blow up in such a fast way. Not only has the internet become a household necessity, but it has changed how we search for information – and how we expect information to be provided to us.

The Internet Has Made Us Impatient

Whichever way you look at it, the internet has made us impatient. Over recent years we have seen evolving technology mean that our broadband connections are faster than ever – but often it is still not fast enough. When we type a phrase into Google, we want a response within a few seconds and we’re unlikely to scroll past the 1st page to find answers. We want to be able to access videos immediately via YouTube and films straight away by various streaming services. No longer do we want to wait for a TV programme to be on at the scheduled time, nor do we rush home to watch something for fear that we’ll miss it. Instead, we expect everything at the click of a button and much of this is the internet and the abilities it has to give us almost instant responses to anything we ask it.

Is Social Media To Blame?

Although the internet is nothing new, there will be users of it today that remember restricted access or having to come offline if someone wanted to make a phone call – which will seem alien to much of the younger generation. There are several things that have made the internet more demanding but social media definitely has its part to play.

Although emails have been around for a good number of years & are a great way of messaging someone quickly, social media platforms such as Facebook and Whatsapp are a whole different level of quickness. With these platforms, you don’t have to type a formal message in the same way you would if you were typing an email – instead, you can just dive straight in with asking the person what you want to know – and most of us expect an almost instant response, especially if the person is showing as online.

However, it isn’t just entertainment that has changed with the introduction of the superfast internet. No longer do we have to go to a cash point in order to get a bank statement, or call our bank to ask about a transaction. Instead, an app on our smartphone gives us instant access to all of our banking data as well as the ability to send and receive money instantly. We want things fast and our money is certainly no exception to this.

What Industries Are Customers Most Demanding?

Banking is certainly one of the industries where people expect instant access to information as well as their money. However, it isn’t strictly bank accounts that come under this – people want to be able to PayPal money to their friends, play games online & cash in their winnings, and even shop online, quickly and hassle-free.

The gambling industry is definitely one that has been shaped by consumer demand for fast financial transactions. One of the things that have helped to make online casinos so popular is the fact that they are accessible any time of the day. No longer do people have to wait for a casino or bookmakers to be open to place a bet, they can do it from the comfort of their own home at any time they wish. However, this access to 24/7 gambling has led to online casino users also wanting access to their funds, and the ability to top up their accounts quickly.

When it comes to winning at an online casino, people certainly don’t want to wait to be able to spend their winnings. Customer surveys repeatedly rank fast payouts as one of the most important factors when choosing an online casino. With any industry, listening to its customers is important, which is why you’ll find payout times quicker than ever when it comes to withdrawing any online casino winnings.

What Does This Mean For The Future?

There are still some industries where financial transactions don’t happen as quickly as people would like, so these are the ones that are likely to have changes soon. For example, when you spend at a shop the money is taken from your card immediately however a refund takes a couple of days. This is definitely something that consumers aren’t massively thrilled about and as such is likely to be something that is addressed.

Investment platforms often don’t offer fast payouts like casinos either and there is no denying that the people interested in these platforms want things to move quickly. Whether you’re investing in currency, cryptocurrency, or stocks and shares things can change quickly which is why you’ll want to keep on top of your investments and be able to rely on fast transactions. However, across much of this industry and its investment platforms, there are still longer wait times for customers to be able to access their funds. This is especially true if someone has signed up and needs to have their account verified. Casinos tend to have teams of people waiting to verify accounts so that people can get using the site quickly. Over the next few years, investment platforms are likely to make similar moves.

The internet has led to a generation of people that want instant access to money, entertainment, information, and all manner of resources. As the demands of our internet connection increase, it is likely that so will the way the internet is provided to our homes. However, what is next for the digital age no one can predict for sure – the only thing that we can be certain of is that fast internet is already seen as essential and this need is only likely to increase over time.

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