Times are constantly changing. Just about everyone can remember a time when things were drastically different, in some way or another. Whether it is the rapidly developing technology, the way that businesses operate, or any number of other things, progress and development have a way of changing the face of things as you used to know them. When it comes to money and finances, you will see that banking shifts over time as well.
From stashed cash to checking accounts
It was not many generations ago that it was a fairly common concept to stash money in a box, tin, or other less than secure object or spot until it was needed. While this concept of hiding cash away has not disappeared, the more common method of utilizing a checking account is much more secure and often convenient for most people. While checking accounts and the services associated with them have been around for quite some time, there seem to always be new ways to handle, keep track of, save, and spend your money. These days, online banking makes handling your money quite simple, and when you are choosing a bank, many people find out about the online and mobile banking services that are offered before making a commitment.
Taking banking into the future
Though it is sometimes debated, it is generally believed that the very first debit card appeared back in 1966 with the Bank of Delaware. Since then, the use of cards and electronic payment systems has risen, to the point that they are often the go to method of payment in many different types of transactions. One survey showed that over 60% of people across the country believe that we are well on our way to becoming a completely cashless society.
This type of society would run on purchases made with debit and credit cards, as well as other forms of electronic transactions. We have already seen the next phases of development toward this future, with online and mobile payment services and tools. It could be in the relatively near future that the use of cash diminishes to nothing, or close to it.
Where will the money take us?
As is the case with most types of progress and development, there must be some sort of balance. During the Industrial Age, people focused on convenience, efficiency, and profit, to the detriment of a healthy environment. Genetically modified foods look better, but are they the healthiest for us? So many new developments lack information in the area of long term effects. When it comes to the future and development of money, we as a society must continue to pursue that balance that allows us to flourish. We as a species are capable of doing anything that is dreamed up, so the future could literally hold anything. Seeing where we go from here in the financial realm is just one exciting way to watch that future unfold.