What the Article Says:
This article focuses on Asia’s development of mobile banking, suggesting that physical banks will become nearly obsolete in the future. Over the past couple of years, the number of people switching to mobile banking applications to manage their finances has increased dramatically. These figures are expected to rise to 1.8 billion users by 2019.
This rise in users is being attributed to the combination of speed and security. Consumers are increasingly demanding faster services, and at the same time, security standards are improving. In Asia, customers are using online banking almost five times more often than five years ago.
My Thoughts:
I think this article presented the information well, but there wasn’t much of a convincing argument. It’s clear that mobile banking and financial management through smartphones has increased dramatically over the past decade, but I would have liked to see more statistics than were presented.
Source: http://www.atimes.com/financial-technology-making-app-based-banks-future/
Interesting article. However, I think that mobile bankings have to be backed up by physical banks. Many people may not trust mobile banks without knowing the banks actually own something tangible.