weather icon Clear

6 banking technologies you’ll see in the next 5 years

You might be used to visiting your local bank, speaking with a teller and paying a few bills. But what if in the next five years you performed all these actions without setting foot inside a bank? And what if you were able to not just perform typical banking activities — withdraw money, transfer money, deposit a check, etc. — but also purchase a plane ticket while you were there? Although this sounds like something out of a sci-fi movie, it might be your reality come 2020.

Evolving ATM technology and banking trends might leave you with a significantly different banking experience in the future. Here are six banking technologies you shouldn’t be surprised to see in the next five years.

1. Blockchain Technology

Blockchain technology, which Investopedia says “is seen as the main technological innovation of Bitcoin” and “is like a full history of banking transactions,” could become popular.

In 2014, about 100 financial technology experts attended the Financial News and WSJD inaugural Fintech Conference in London. At the conference, they were split up into groups and asked to design the bank of 2020.

According to The Wall Street Journal, the group hypothesized that blockchain technology will be used “to distribute, verify and record a wide-range of financial services.” This will result in a less-centralized financial system while adding some risks and eliminating others.

2. Upgraded ATMs

Instead of using an ATM to deposit checks, withdraw money, transfer funds or check balances, you might be using it to purchase a ticket for your next vacation. CNBC reports future ATMs might allow you to buy plane tickets, pay your bills, sign up for a mortgage, speak to a teller and possibly more.

In fact, you might have already noticed some technological upgrades if you’ve used an ATM recently. According to CNBC, ATMs at some banks already allow users to deposit cash, get change and purchase prepaid cards.

3. More Kiosks

If you hate having to withdraw at least $20 every time you need a few dollars, or you’re always concerned for your safety when you visit an ATM, new banking technology might erase all of that frustration. The New York Times reported in 2014 that JPMorgan Chase has “reimagined” at least 300 of its banks branches. The branches boast kiosks, which offers more functions than ATMs. Some of the features include:

  • Flat screens
  • More precise withdrawals
  • Video screens that allow you to see people approaching

And if you live in an area that is prone to natural disasters, kiosks might become extremely useful tools during an emergency. As of last year, JPMorgan executives were developing portable kiosks powered by generators, reports the New York Times. This would seemingly make them ideal for situations in which there might be power outages or other issues that would otherwise restrict your ability to get cash.

4. Apple Store-Style Experience

If you enjoy visiting your local Apple Store, you might enjoy visiting your bank in the near future. According to The New York Times, banks such as Bank of America and Citigroup are aiming for their branches to be more like an Apple Store, in which customers are served by workers who have tablets and other devices.

5. Robot Advisers

Does your friend like to spend half of his paycheck on lottery tickets? In the future, you might have help convincing him to rethink his spending habits. According to the Wall Street Journal, the groups at the London conference also predicted that robot advisers, or automated Know Your Customer and Suitability Tools, will let customers know what they’re sacrificing their future savings for unnecessary purchases.

6. Experience Zones

Diebold, a financial self-service, security and services corporation, is developing “a new type of branch” that has three different “experience zones,” reported CNBC in December 2014. Think of these zones as hybrids between a traditional banking experience and a completely technological one.

“Experience zones” have ATMs that allow customers to enter their desired withdrawal amount just by using their phones so they can receive the cash instantly after reaching the machine. Also, a customer can interact with an avatar to complete routine banking activities, such as transferring money. In the “experience zones,” customers also have the ability to communicate with someone remotely to apply for loans and more.

With ATMs and kiosks set to provide additional functions and the ability to connect remotely when you need the services of a teller, it appears that face-to-face banking transactions might become increasingly rare in the coming years. With banking technology continuing to improve year after year, the bank of the future might be arriving sooner than you think.

From GoBankingRates.com: 6 banking technologies you’ll see in the next 5 years

Don't miss the big stories. Like us on Facebook.
Business Videos
How much do Las Vegas casino CEOs make?
Las Vegas gaming CEOs made anywhere between $1 million and $24 million last year, according to company filings with the U.S. Securities and Exchange Commission. ((Las Vegas Review-Journal)
30-year-old Rio needs a little TLC
Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
The latest on the Drew Las Vegas - VIDEO
Eli Segall recounts his tour of the Drew Las Vegas, formerly the Fontainebleau, on the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
Pinball Hall of Fame to move near south Strip
Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
National Hardware Show underway Las Vegas
The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)
Caesars for sale?
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Las Vegas home prices
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
Free Parking Coming To Wynn
Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)
Founding Venetian employees talk about 20 years at the Strip resort
The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Circa aiming for December 2020 opening
The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.
Boxabl official explains the building concept
Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)
TI/Mirage Tram reopens
The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.
Las Vegas Convention Center expansion taking shape
Renderings and actual footage show how the Las Vegas Convention Center is evolving.
Former Starbucks CEO Howard Schultz at Las Vegas convention
Former Starbucks CEO and potential presidential candidate Howard Schultz spoke at the Epicor Insights user conference at Mandalay Bay Convention Center Wednesday, April 17, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Drew Las Vegas to open in the second quarter of 2022
The 67-story Drew Las Vegas is slated to open in the second quarter of 2022 at the north end of the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
NAB Day 1 (Time Lapse)
NAB kicked off at the Las Vegas Convention Center on Monday, April 8, 2019. (Mat Luschek / Review-Journal)
National Association of Broadcasters Show shows 1mm thick 8K TV with 22.2 channel digital sound
Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Nevada shoppers react to Smith’s no longer accepting Visa credit cards
On March 1, Smith’s announced that it would no longer be accepting Visa credit cards at any of its 142 supermarkets, including the 45 in Nevada.
Massachusetts Gaming Commission asks how long Wynn executives knew about misconduct
Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.
Henderson app developer part of Startup in Residence
Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sam's Town employees and customers talk of their love for the iconic casino
Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas apartments rents
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.
William Boyd talks about the birth of Sam's Town
On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
High Roller observation wheel turns five
The world’s tallest observation wheel celebrates it’s fifth year on Sunday, March 31, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Escape Room Industry Growing In Las Vegas
Escapology employees discuss the growing escape room industry in the U.S. and Las Vegas. (Bailey Schulz/Las Vegas Review-Journal)
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
Dressbarn to close all of its 650 stores

Dressbarn, the women’s clothing chain that’s been around for nearly 60 years, is closing all 650 of its stores.

More companies handing over tech for China access, report says

The number of foreign companies that feel compelled to hand over technology in exchange for Chinese market access — an issue that sparked President Trump’s tariff fight — has doubled since two years ago, says a report.