Credit cards will know your smartphone`s location
Credit cards will know your smartphone's location.Harris thinks that it'll soon be mainstream for credit cards to know where your smartphone currently is, and it's already a feature with Tech CU's cards.
In other words, it eventually will be common that if your cell phone is in Cleveland (presumably where you are), and someone else is making a purchase with your credit card information in Phoenix, the transaction won't be approved. Of course, that may make things tough for you if your smartphone has been stolen, and you still have your credit card. Still, as smartphones and credit cards are linked more frequently, identity theft should become at least a little harder for thieves to pull off.
We'll see more, not less, brick and mortar bank branches. For years, financial experts have said that we'd be seeing fewer bank branches, as consumers become more comfortable with online banking and digital money.
But numerous surveys have shown that millennials - who probably feel the most comfortable with online banking - like going to bank branches. So, no, they're not going anywhere any time soon.
However, brick and mortar bank branches are going through a transformation, according to James McKenna, marketing officer at Tompkins Mahopac Bank, with 14 branches in the Hudson Valley region of New York.
"In 2018, the market will begin to see more 'branches of the future,' a new spin on what it means to be a brick and mortar financial institution," McKenna says. "Our research tells us that consumers still expect physical branch locations, despite the evolving fintech landscape."
McKenna says that earlier this year, Tompkins Mahopac Bank opened a "branch of the future" in Yonkers, New York, and another will be opening in 2018. For them, at least one nod to the future is that their bank will try to outlaw lines of customers.
Instead of waiting in a line, "at these new branches, customers are greeted by a universal banking representative, a team member who can assist with transactions, account openings, personal loans and more," McKenna says.
That said, bank branches have been undergoing an evolution for a while now. There's a Capital One Cafe in several cities, like Austin, Texas, and Los Angeles, where it's an actual coffeehouse but also a bank. Meanwhile, Umpqua Bank, headquartered in Portland, Oregon, tries to offer a community center feel to its branches; some branches offer yoga classes, wine tastings and knitting sessions.
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