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When the word “bank” is used as a noun, it is referring to either an institution that manages financial transactions or the building that houses the institution. As technology moves forward, the term bank is becoming less and less synonymous with an actual physical structure.
When I was 5 years old, my mom took me to a bank where I opened up my first bank account called The Squirrel Club. I would save up my change at home and we would drive to the bank where I would hand over my bag of hard earned cash.
The bank was a place that I went with my mother.
Now, it’s an app.
My daughter is one year older than I was when I opened my first bank account. She has been inside of an actual bank one time in her life. We had moved to a new city and needed to open an account. Other than that, she has little concept of a bank being an actual place that she can visit.
Last week, Bank of America announced a series of improvements to its mobile banking app (Android, iPhone and iPad), including fingerprint and Touch ID sign in. The improvements offer eligible customers a secure and convenient way to log into their app without the additional need of a passcode.
Banking used to mean grabbing your checkbook, your check, your car keys and your kids. It meant 30 minutes (or more) of your time. It meant a building.
In a relatively short amount of time, we have moved from driving to the bank to touching our finger to a screen. You can now do your banking with one hand while making dinner with the other.
Your bank is now an app.
Your phone is now a bank.