Efficiency of financial services can be measured by the time saved. For example, 20 years ago, one had to spend half a day to go to several places to pay the water, electricity and housing bills. Ten years ago, a onehour visit to the bank would do the job.
Today, the bills can be paid in five minutes through online banking service or mobile payment applications. This shows that financial services are much more efficient today. It save consumers time just like eating out is more efficient than cooking at home, and buying apparel in a store is more efficient than making it yourself.