With every new disruption in the business world, if companies fail to a rapt, they will go out of business. In the banking industry, every company must now develop digital solutions or services in order to stay competitive. The article polled senior banking retail executives to see what they saw for the future of banking.
-49% of executives said that the traditional model of banking will be dead
-by 2020 people will value cheap services over human interactions for banking needs
-Cash will count for less than 5% of transactions as we move to a digital age
-Top priorities include customer segmentation to give customers of all groups exactly the right product
I mostly agree with the article. There are now apps to get mortgage and car loans through your phone and doing banking online has never been easier. The only reason I got to my bank is to deposit cash, which I never carry anymore. We could see a significant decline in brick and mortar banks as everyone becomes accustomed to banking online. Fintech startups that create their apps to target the future needs of these banks will most likely be some of the more prominent but unheard of companies in the coming years.
https://thefinancialbrand.com/63617/digital-banking-strategies-fintech-data-analytics/?utm_medium=email&utm_source=fintechweeklycom