We grew up with the knowledge that everything that comes easy and convenient comes with a price-which is true in the past.
Going back in time, in order to send money to people who do not live near us means going through the postal office. Remember that this process involves operators who need to be trusted because you are already in doubt of sending money since money itself poses a lot of temptation. In addition, it takes several days (if not months) to be able to get the money through, if it ever does go through. Because of the impositions of such unsecured services and the length of time and inconvenience it imposes, the existence of remittance centers who handle sending money slowly grew in number.
However, at the start of their operations, the transaction fees were very high and almost unaffordable for most people which is why some still opt to transact with postal offices. The reason for this is that internet services were also costly and all the other equipment, and software needed to make the transactions possible requires a lot of investment. At this point, it has become possible but still costly and still takes a great deal of time.
With technology slowly improving and with the rise of businesses in competition, the notion of “what is instant costs a lot” has been changed or altered. Many are now able to send remittances anywhere at faster transaction times with little or limited cost. The changes couldn’t have been made possible if businesses were unwilling to participate with such changes. Although some still prefer to do old school transactions, the demand of the majority for more convenience and change has slowly turned the face of both banking and financing.
With the rise of technology, the local remittance centers were now forced to decrease the transaction charge they have for every transfer in order to remain competitive in the industry. Banks have provided its account holders with the convenience of doing online banking making transfers to account holders who have accounts in the same bank. Even remittance centers have provided online transactions so some customers who prefer online transfers can do so independently.
Although the migration seems fast, walking into offices who still assist people in sending their money proves that not all are adept with the changes. Many still prefer transacting with these institutions but the charges are visibly lower compared to how it was in the beginning. This is mainly because not everybody is already technology savvy and the services of most online applications for actual recipients are not accessible in terms of location.
We cannot foretell how long it will take for everything to go digital, but one thing has remained for sure. Each day, people are improving the standard of living to address the convenience each person needs. The financial world may have come in slow but it is slowly adapting and realizing the necessity to innovate and make the necessary changes to stay in the market. Things have changed and will continue to change at a much lesser cost all for the sake of competition.