Open banking: Rather than relying on proprietary systems, new competitors are unbundling traditional banking services and delivering them more quickly and efficiently. Consumers are increasingly turning away from traditional institutions by utilising open banking portfolios that include payment and savings accounts as well as investment apps. While these trends may seem like they are not directly related, they do have significant implications for banking in the future. Here are some examples of what these changes could mean.
Digitalisation: Changing consumer preferences and technologies are driving the evolution of banking. From mobile devices to new technologies, the landscape is changing rapidly and new technologies will continue to drive change. Banking will have to adapt to these changes to stay competitive. So what is the future of banking? While there will still be a physical presence on the high street, banking will offer online services and also banking through mobile apps. Most consumers already use these features more than they visit a physical branch. To protect banks and consumers alike, consider the importance of AML Identity Verification from a site like W2 Global Data
Choice: The future of banking will contain far greater choice for consumers. With the growth of artificial intelligence, banking services will become faster, smoother and more accessible than ever before. To keep up with changing consumer demand, banking will need to react swiftly and with agility to stay relevant in an increasingly digital world. The future of banking will be primarily driven by the needs and wants of the consumer.