Not so long ago, banking involved opening a transaction account, getting a money box and passbook, depositing or withdrawing cash from a branch and waiting for a monthly statement in the mail.
Your balance was your main concern and a statement was how you kept track and understood your money.
The same could be said for a home loan, a superannuation account and other products - they were unsophisticated, digitally speaking. This model worked for a hundred years or more but it had some limitations.
For example, it was slow – the information on printed statements was out of date by the time it reached you. It also lacked convenience – for example, if you wanted cash and your local branch was closed.
And you practically needed the stars to align if you wanted to activate a new account, redraw a loan or transfer some money, which you could not do from your passbook or statement.
In more recent decades, there’s been plenty of innovation with the rise of credit cards, ATMs and online banking. Banking like many other industries has been given a gift when it comes to digital.
Now customers have powerful computers with large, bright screens as well as secure data connections to almost anywhere in the world. It’s well documented the mobile phones of today have more processing power than the computers which put man on the moon: some might say the force is truly with you!
And money itself – once confined to wallets, pockets, purses, suitcases and in some cases the space under the bed – is finally digital, thanks to a lot of groundwork laid down by many banks and other innovative organisations over the years.
To this extent, we are already living in the future of banking.