Banking's future: Goodbye credit cards, hello social media probes

Jason Alden | Bloomberg | Getty Images

Advancements in technology will make banking very personal within the next decade—it may require your eye or finger to pay for shopping and your social network profile may determine your access to credit, the Daily Mail reports.

Banks may request access to clients' Facebook account and see whether users have a stable friends network—a sign they may be less of a credit risk than users who change friends frequently, financial technology expert Gi Fernando told the Daily Mail.

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"The old saying largely remains a truism. You are defined by the company you keep," Fernando said. "'By giving up a bit more information to the banks, you might stand to benefit in a wider choice of products."

Besides social network probes, banks may soon replace credit cards with mobile phones that can be tapped against reading devices to pay for goods, according to Fernando. However, he says mobile payments will be substituted by finger scanners and retina readers, more secure transaction methods than cards or phones that could be lost or stolen.

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However, Fernando says banks must improve technology training for their staff in order to ensure a seamless transition into tech-savvy banking.

Read the full story from the Daily Mail.