Digitalization has brought a sweeping transformation in the banking industry. The digital age is upgrading the way people interact and do business on a daily basis, and technological advancements are continuing to influence the future of banking around the world. An escalating demand for a digital banking experience from millennials and Gen Zers is changing how the entire banking industry operates.
From retail and mobile banking to neobank startups, technology has its hand in every single aspect of the banking industry and, the influence of technology will continue to upgrade banking into a digitized future. Retail banking, which is also called consumer banking, refers to the specific services banks can offer to consumers–like savings and checking accounts, credit and debit cards, and loans. Consumers’ burning desire to access financial services from digital channels has led to a surge in new banking technologies that are reconceptualizing the entire retail banking market.
Retail Banking’s future
Retail banking denotes the specific services banks can offer to consumers – such as savings and checking accounts, credit and debit cards, and loans and the rising demand of consumers to access financial services from digital channels has created the need for new banking technologies that are reconceptualizing the entire retail banking market. As per Business Insider Intelligence, 39% of retail banking executives say that reducing costs is where technology has the greatest impact, compared to only 24% who say it is enhancing customer experience.
Mobile banking’s future
Mobile banking has become the best method for users to make deposits, account transfers, and monitor their spending and earnings—and a key differentiator for banking leaders. According to Business Insider Intelligence’s Mobile Banking Competitive Edge Study, nearly 89% of survey respondents said they use mobile banking. And security is the top concern while using mobile banking. The fear of data breaches has heightened the demand for services that keep users’ data secure – allowing consumers to place holds on credit or debit cards, schedule travel alerts, and file and review card transaction disputes are some successful security banking features. Mobile wallets are another up-and-coming feature in mobile banking. Mobile wallets are applications that emphasize convenience in online shopping. Mobile banking also allows users to track their expenses. The future of mobile banking points toward having savings tools and financial wellness scores, which seems important among millennials.
Online banking’s future
The popularity of mobile banking has surpassed that of online banking. According to Business Insider Intelligence, mobile banking is increasing at five times the rate of online banking, and more than half of online customers are also mobile banking users. Despite this increasing popularity, some banks still fall short of the demand for mobile tasks, like bill pay and reward redemption, causing them to move people to online banking. However, This will only be not enough to popularize online banking as millennials and Gen-Zers continue gravitating toward the mobile market.
Digital-Only Bank’s future
Digital-only banks or neobanks are redefining the future of banking around the world. Though off to a slow start in the US due to high regulatory barriers, recent developments and the loosening of regulations suggest that US neobanks are set to take off. According to Business Insider Intelligence’s Evolution of the US Neobank Market report, the increasingly competitive digital banking-only landscape is going to cause banks to overhaul their entire business, catering to the demands of the digital era.
Banking Technology Trends
The future of banking technology is driven by consumers who find technology as something that enhances their lives. A common trend in banking technology is using an application programming interface (API) to make proprietary data available to anyone who has the consumer’s permission to access it.
Banking Industry Analysis
With so many different facets of the banking industry undergoing change, it’s crucial for those connected to the banking industry to be informed and stay ahead.
The post Upcoming Future of Banking: Technology Trends in Banking in 2022 appeared first on Analytics Insight.
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