I must admit I'm quite disappointed that some banking apps now require newer versions of Android or iOS just to function properly.
Before anyone misunderstands my point, let me say this: I have been a technology practitioner for many years and continue to keep myself updated with new technologies, including AI. I fully support technological progress and understand why banks continuously strengthen cybersecurity. My concern is not about technology itself, but about accessibility and practicality.
It becomes especially frustrating when a transaction cannot proceed because the app requires verification, yet the operating system on an older smartphone is no longer supported. In some cases, even NFC-based features stop working because the banking app is no longer compatible.
The only practical solution seems to be buying a newer smartphone, I'm even considering a second-hand refurbished unit, since my current phone still works perfectly well for everything else.
For the past 2 days, I had to walk a few kilometres to the nearest ATM simply to withdraw cash so I could top up my Touch 'n Go eWallet. It made me realise how dependent we've become on digital banking.
And if I do get a new phone, there's another hurdle. For some banks, registering a new device requires additional verification, and I may even have to visit a branch before waiting through a 24-hour cooling-off period before I can use the banking app again. I understand the security reasons behind it, but it certainly isn't the most convenient experience.
Sometimes I find myself thinking about a few things:
1. Are we upgrading our smartphones because we genuinely need new technology, or because software support leaves us with no other choice?
2. As society moves towards becoming increasingly cashless, are we unintentionally leaving behind people who cannot afford to replace perfectly functional devices every few years?
3. What about those who simply cannot afford a new smartphone, the elderly who may struggle with constantly changing technology, or the less fortunate? Are we making financial services more secure at the expense of making them less accessible?
4. And on a lighter note, it sometimes makes me wonder (perhaps I'm just being paranoid 😄): are banks and smartphone manufacturers secretly working together to keep us upgrading our phones? I know they're not... but the thought does cross my mind!
Technology should make life easier, improve accessibility, and promote financial inclusion not create unnecessary barriers for people who simply want to access their own money.