BWD Spring/Summer 2015 | Page 21

Spring/Summer 2015 | BWD 21 By Jessica Dore, CISA THE FUTURE OF MONEY Where we’ve been, where we are and where we’re headed Announced in September of 2014, Apple’s contactless Money in the 21st century payment platform Apple Pay has seen remarkable growth. What does this all mean for you? A few things: In January of this year — just about four months after going live — Apple CEO Tim Cook stated that Apple Pay already accounted for more than two out of every three dollars spent via contactless payments. Add the rapidly expanding number of stores accepting Apple Pay and it’s clear that how we use and handle money is changing, and changing rapidly. From cattle to Bitcoin We’ve come a long way from using cattle and grains as monetary units. In fact, we’ve moved from such laborious means of transacting business to a time when one of our most-discussed currencies doesn’t even exist in a physical sense. That’s Bitcoin, the digital currency celebrated by some and eyed warily by others. Even if Bitcoin isn’t your thing, it’s possible to conduct many transactions without touching actual money thanks to direct deposit, debit cards, mobile apps and the Internet. Even banks are feeling the change. One recent major newspaper reported that the number of people entering banks has dropped 25 percent in just two years. ABOUT THE AUTHOR Jessica Dore is a Senior Manager at Rehmann. She has experience in information technology consulting and security, primarily for financial institutions. Contact her today at [email protected]. • Interactions involving money will be faster than ever. With Apple Pay and other virtual wallet services, paying is simply a matter of waving your phone at a special terminal. • Your control over your money has been strengthened, as you’re now able to view accounts and track funds more easily than ever before. Every major bank offers the ability to conduct a great deal of your banking online 24/7. And the proliferation of mobile apps for banks means you can bank from anywhere you happen to find yourself. You don’t even have to go to the bank to deposit checks — taking a picture of the check and sending that along suffices. • Such control isn’t limited to individuals and households. Rehmann’s SkyBooks service, for example, provides business owners with real-time access to information all through clear and customizable dashboards. As technology continues its inexorable march, more and more businesses will realize the benefit of maintaining an overview of their finances in such a fashion. Challenges lurk, however There are, of course, risks involved: • Even if the security for an online service is rock solid, typing out login or other sensitive information in a public place, with the possibility of someone surreptitiously looking over your shoulder, will always be a bad idea. • Hackers will continue to pose security threats to corporate entities and private households alike by seeking vulnerabilities wherever they might exist. • It’s likely prudent to avoid jumping on cutting-edge virtual currency trends too quickly. Being an early adopter when something as important as your financial security is involved is not a good idea. Regardless of the risks, the future of money is unfolding before our eyes, and the acceleration is only going to increase as better and more technology is developed. Yet even with some possible pitfalls, it’s still better than lugging around cattle and grains.