February 28, 2021
All spheres of human life are continuously developing, and the field of banking is not an exception. Digital banking transformation: that's what we are facing nowadays. Aiming at making consumers' experiences better, new financial trends appear. The goal of those is to make processes safer, smarter, and faster. The industry is improving, which is certainly great.
A digital banking revolution is what we are talking about. Banking as we knew it several decades or even several years ago does not exist anymore. Online banking, mobile banking apps, Open Banking systems are becoming more and more popular every day. The more services can be provided by a digital bank (while increasing their return on equities and decreasing cost-income ratios), the better.
Let's have a closer look at the top-three digital banking trends that help banks to strengthen their positions and undergo the digital revolution the industry is facing.
More than 70% of banking executives are convinced that artificial intelligence is going to be a leading trend in 2021. Taking into account the Covid-19 pandemic with its social distancing, it seems to be the truth. With artificial intelligence, digital banking will become smarter compared to what has been used for a while - chatbots only.
Digital banking is going to become a complete ecosystem - that's the reality. Given the current situation with Covid-19, its popularity will grow. The more services are provided, the better the industry will survive the difficulties we are facing now.
With the help of self-learning, intuitive programs (artificial intelligence and machine learning), an all-in-one customer journey is created by digital ecosystems. Besides, providers that use modern technologies (open APIs, clouds) attract much more people.
The main benefit of blockchain and cryptocurrency is to help banks make transitions more secure and improved. There are two options for banks: to enter a partnership or come up with a blockchain solution of their own. Using any of those, financial institutions all over the world make money transfers faster. Blockchain is also great in terms of direct and comprehensive clearance and settlement of transfers.
With blockchain, money transfers are hundreds of times faster (almost 400 times), which is great, taking into account that the consumers' credit history is being tapped into and the process is being tracked publicly.
The financial world is going through modernization. New digital processes create a renewed financial ecosystem. In the nearest future, new technology trends and those we have already discussed will continue to change the industry. The future will be smarter and much more secure.
All spheres of human life are continuously developing, and the field of banking is not an exception. Digital banking transformation: that's what we are facing nowadays. Aiming at making consumers' experiences better, new financial trends appear. The goal of those is to make processes safer, smarter, and faster. The industry is improving, which is certainly great.
A digital banking revolution is what we are talking about. Banking as we knew it several decades or even several years ago does not exist anymore. Online banking, mobile banking apps, Open Banking systems are becoming more and more popular every day. The more services can be provided by a digital bank (while increasing their return on equities and decreasing cost-income ratios), the better.
Let's have a closer look at the top-three digital banking trends that help banks to strengthen their positions and undergo the digital revolution the industry is facing.
More than 70% of banking executives are convinced that artificial intelligence is going to be a leading trend in 2021. Taking into account the Covid-19 pandemic with its social distancing, it seems to be the truth. With artificial intelligence, digital banking will become smarter compared to what has been used for a while - chatbots only.
Digital banking is going to become a complete ecosystem - that's the reality. Given the current situation with Covid-19, its popularity will grow. The more services are provided, the better the industry will survive the difficulties we are facing now.
With the help of self-learning, intuitive programs (artificial intelligence and machine learning), an all-in-one customer journey is created by digital ecosystems. Besides, providers that use modern technologies (open APIs, clouds) attract much more people.
The main benefit of blockchain and cryptocurrency is to help banks make transitions more secure and improved. There are two options for banks: to enter a partnership or come up with a blockchain solution of their own. Using any of those, financial institutions all over the world make money transfers faster. Blockchain is also great in terms of direct and comprehensive clearance and settlement of transfers.
With blockchain, money transfers are hundreds of times faster (almost 400 times), which is great, taking into account that the consumers' credit history is being tapped into and the process is being tracked publicly.
The financial world is going through modernization. New digital processes create a renewed financial ecosystem. In the nearest future, new technology trends and those we have already discussed will continue to change the industry. The future will be smarter and much more secure.
