Access to financial services has never been easier. Whether you’re making payments, applying for a loan, or authenticating your identity—all you need is a smartphone.
Much of that change is driven by QR Codes. Their “quick response” design is ideal for real-time transactions. Customers love them because they’re easy to use with nearly any mobile device, while financial institutions benefit from their security, tracking tools, and efficiency.
Here’s how your organization can use QR Codes for instant payments and other financial services.
Note: The brands and examples discussed below were found during our online research for this article.
Customer uses of QR Codes in financial services
When a customer chooses a new bank, they have five priorities: trust, security, customer service, digital experience, and convenience. QR Code technology ticks every one of those boxes.
Customizable design means that retail banks can edit their QR Codes to be instantly recognizable and trustworthy. The technology is fast and secure, and because you can display QR Codes everywhere from physical packaging to digital screens, they provide a universally seamless customer experience. They can even lower operational costs for retailers and financial services.
Let’s look at five ways that retail banking customers are already using QR Codes.
Digital onboarding and account setup
Opening a new bank account can be time-consuming, especially since Know Your Customer regulations were implemented. However, you can speed up the process with QR Codes.
Instead of navigating through multiple web pages, customers scan a QR Code that links directly to the onboarding forms. You can also use QR Codes to link to ID verification platforms, document upload portals, or a video call with a financial advisor.
QR Codes are especially useful for mobile banking apps. Customers can scan a code to download the app, and then use QR Code verification to link their bank account to their mobile device. A complicated process across multiple devices gets simplified into a single scan.
Secure and contactless payments
QR Code payments are used for everything from restaurant orders to charity donations, event tickets, gym subscriptions, and splitting bills between friends. By 2029, QR Codes are predicted to account for $8 trillion in transactions.
From point of sale (POS) screens and digital wallets to printed monthly bills, payment QR Codes can be used almost anywhere and take users straight to your payment portal. Cross-border QR Codes are also a seamless payment method for international or remote payments.
QR Codes for ATM withdrawals and cashless banking
QR Codes aren’t just replacing outdated payment systems. In some cases, they can upgrade existing technology to make it more useful.
For example, some high street banks now allow customers to withdraw cash from ATMs by scanning a verification QR Code instead of inserting their debit card. This functionality can be more secure than traditional methods since a single-use QR Code can’t be skimmed or duplicated.
QR Codes also enable cashless banking and financial transactions. Instead of making payments by cash or credit card, customers can settle bills instantly via bank transfer. These digital payments are more secure because they use the bank’s security protocols every time.
What’s more, QR Codes are platform-agnostic—they work with almost any mobile banking app. This ease of use has led to a “quiet revolution” in how consumers make payments.
Loan applications and approvals
Just like opening a bank account, applying for credit used to be a lengthy, frustrating process. But now, credit card and loan applications have been simplified with QR Codes.
You can use QR Codes to link to application forms, loan calculators, information on the types of loans you offer, and more. Once someone fills out an application, you could send a QR Code linked to a document upload portal or application tracker so the customer can see where they stand at any time.
All of these features make banking services more accessible because they give customers more information and control over their loan applications.
QR Codes for customer support
Customer support is only effective if it’s easy to access. There’s no point in having a great support team if your customers don’t know how to reach them.
QR Codes are a great way to put customers instantly in touch with your support staff. They can lead to live chat portals, phone numbers, email addresses, or even callback request forms.
You could also use QR Codes to share targeted help pages. For example, you could include a QR Code in loan application papers that leads to guidance on the documentation applicants will need.
Internal business uses of QR Codes in financial services
QR Codes can also be helpful behind the scenes at financial institutions. The same qualities that make them useful to customers—convenience, security, and digital connections—are equally useful for internal operations.
Here are just a few ways that QR Codes for finance can improve security and efficiency at your organization.
Employee authentication and access control
Companies are in a constant race against cybersecurity threats—and that’s especially true for banks and fintech companies. While passwords can be hacked and keycards can be duplicated, QR Codes are an effective solution to the challenge of employee authentication and access control.
QR Codes for employee verification can encode huge amounts of data, such as basic personal information, access permissions, clearance levels, and even biometric data. Instead of constantly typing login credentials or swiping a badge, they can access approved systems or areas with a simple scan.
Plus, QR Codes can be updated in real time, so you don’t have to worry about out-of-date information or employee status changes causing workflow disruptions.
Secure document sharing
QR Codes make it easier to share documents and enforce security at the same time. This is ideal for confidential documents like financial reports, contracts, and client agreements.
You can share a document with everyone in a meeting by displaying a QR Code that links to an uploaded PDF. But you can also control access via password, update the QR Code to direct to a new document without reprinting, and use tracking details to see when the file is accessed.
Workflow automation and efficiency
QR Codes can help streamline internal workflows, speeding up how you work without compromising on security or compliance. Teams are already using QR Codes to track and verify invoices, and some countries have even mandated invoice QR Codes that include the invoice value, tax details, and identity verification.
You can also use QR Codes to track compliance processes. Because they can hold so much data, they’re a useful way to store certification numbers, quick links to relevant documentation, and access logs.
Additionally, QR Codes speed up document-sharing for collaborative work. Use them to share documents quickly and securely via any device and ensure everyone is accessing the latest version. In short, you can apply QR Codes to improve nearly any workflow, even if it involves multiple stakeholders and sensitive information.
Why Bitly is the best choice for financial institutions
Financial institutions are built on trust. They need consumer confidence in order to operate. So when you’re choosing a QR Code generator, make sure it’s reliable, secure, and provides tracking data. You also need the ability to customize QR Codes so that customers recognize them as legitimate.
Bitly is a leading connections platform that includes a QR Code generator with robust performance, advanced features, and uncompromising security. Here’s why so many banks and financial institutions choose Bitly Codes.
Secure and reliable QR Codes for banking and payments
When you use Bitly Codes to create QR Codes for payments, you benefit from built-in security features that help prevent phishing attacks and ensure your customers are directed to safe, verified digital payment pages.
Bitly’s dedicated trust and safety features include a threat detection system, automatic verification checks for QR Code links, and partnerships with anti-phishing organizations.
Custom branding and a seamless customer experience
There’s an element of security theater in banking. It’s not enough for QR Codes to be secure—they also have to inspire trust and be instantly recognizable as yours. Customizing your QR Codes with your logo, brand colors, and branded links gives customers confidence that they are legitimate.
Bitly’s advanced customization features are designed to give you complete control over your QR Codes’ appearance. You can edit everything from the QR Code’s pattern and design to the call to action (CTA) that accompanies it.
Analytics to improve customer engagement and marketing
When you create Dynamic QR Codes with Bitly, you get access to detailed analytics that show you when codes are scanned, the approximate location, and what kind of mobile device was used. In addition to giving you deep insights into your customer base, this also allows you to compare metrics across different QR Codes and campaigns.
For example, you could track the number of scans to identify which QR Code placements get the most traffic. You could also run A/B tests to see which designs or CTAs are most effective at driving engagement.
Flexible use cases for customer and internal applications
The ultimate advantage of QR Codes is their flexibility—they can link to nearly any digital resource, whether it’s a payment portal or a webinar on saving tips. That’s why Bitly QR Codes are the tool of choice for financial institutions that want to streamline their internal and external processes.
With Bitly, you can create Dynamic QR Codes and edit them in real time. Whenever you need to update the code’s link, you simply change it from the Bitly Dashboard. There’s no need to reprint or recall codes that are already in use.
Amplify and facilitate your financial services with QR Codes
For a long time, the financial sector was held back by slow processes and security concerns. But QR Codes are changing the game by enabling simpler transactions, faster customer service, and secure information-sharing.
Bitly is your leading platform for secure, branded QR Codes. From global ad campaigns to confidential internal documents, you can count on Bitly QR Codes to work reliably and securely. Your customers will appreciate convenient, recognizable QR Codes that speed up their transactions, while your internal teams will benefit from fast, flexible collaboration.
Sign up today and bring your bank into the future with Bitly.
