Jennifer is on a trip of a lifetime in Indonesia. She is about to check out from her last hotel when she realises that she has run out of cash. As soon as the first wave of panic subsides, her instinct kicks in. Stranded at the other end of the world, she calls her father Sam, who logs on to internet banking and affects a transfer into his daughter’s account.

The money is immediately available on her credit card. Instantly, an SMS message notifying her of the payment arrives on her mobile phone while she is still at the checkout, three seconds and seven time-zones later.

This kind of financial wizardry and convenience was conceivable only in a James Bond movie a few years ago. To say that over the past two decades, technology has developed at a relentless pace is almost an understatement. Moore’s law predicting computing power doubling every 18 months has been shattered and better performing devices are now expected at much shorter intervals.

Communication networks have evolved in leaps and bounds, with modems giving way to broadband and fibre-to-the-home. Wireless, 3G and 4G network speeds are multiples of magnitude faster than legacy-wired networks. Such ubiquitous network access is fuelling the growth of cloud computing, moving massive amounts of information across the world.

These advances in technology did not go unnoticed by modern banks. Today’s banks have even jumped on the social media wagon, using it to engage with customers in public fora, with the added option of continuing the conversation in a private and secure environment, using internet banking.

The spectrum of financial services available on the internet today is nothing short of outstanding. Opening a bank account need not involve a trip to the branch. Managing one’s accounts, paying bills, and buying and selling equities have all become a breeze. The real breakthrough comes as a result of the interplay between channels and the convenience brought about by the networks that enable access to real-time online data and analytical information across several channels.

Automated teller machines (ATM) have developed from mere cash dispensers to self-service terminals accepting cash and cheque deposits into a variety of bank and card accounts. Moreover this channel has synergised with internet and mobile enabling mobile top-ups to any pre-paid mobile device.

The increased level of technological sophistication led to heightened expectations: Everyone expects access to information anytime, anywhere. Financial services lead the pack in delivering information securely across a spectrum of technological platforms using one-time token passwords or digital certificates. Customer information databases are replicated across countries and continents in real-time, affording the latest encryption techniques in storage and in transit.

Banks have extended the high level of security used in internet banking to mobile devices, which today outnumber tablets and notebooks. The use of mobility is further enhanced by the extensive use of social media. Banks are now offering their most popular internet banking services on mobile devices, in addition to innovations such as person-to-person mobile payments.

Real innovation can also be seen through channel integration. This affords the flexibility to initiate a payment using internet banking, with the partner co-signing the payment using their smartphone. All mobile features are accessible worldwide using trusted internet protocols and best-in-class security.

Mobile phone services have really been a game changer, bringing banking literally to one’s fingertips. Customers now get an SMS alert the minute their salary hits their bank account, get notified when money is withdrawn from an ATM or their card is used overseas.

In practice, the sky is the limit for the variety of SMS notifications available; one may actually request notification when one’s account hits a given threshold.

One may be forgiven for thinking that many of the innovations mentioned in this article are only available abroad. It is reassuring to know that everything we have mentioned is already available in Malta. Ask your bank.

Joseph Agius is executive head for IT and Ivo Camilleri is executive head for electronic and multi channel banking at Bank of Valletta.