Industry Transformation: 4 Banking Trends That Are Shaping the Future of Digital Banking

by admin January 30, 2020

Sometimes it seems like there’s no need for brick and mortar banks anymore. With all the new and emerging technology transforming the financial industry, there are a lot of new innovations that have already begun to revolutionize the way we do business.

1. Mobile Banking

Today’s society moves quickly and has very little time to waste. Thanks to the Internet, today’s consumers want to have access to business, banks, retail outlets and customer service all day, every day. With mobile banking, individuals don’t have to wait in line to deposit a check, you can check balances, transfer funds, pay bills and more. Consumers are looking for safe and glitch-free apps, software and online banking platforms to handle their financial obligations, not elegant buildings and complimentary drip coffee while they wait. An increase in customer-centered online services is shaping the digital banking future.

2. Automated Wealth Managers

Being able to handle your investments from the comfort of your own home, or wherever you are if you’re on the go is invaluable. Convenience is truly the name of the game, and automated wealth managers certainly answer that call. These smart investment managers use complex algorithms to calculate and evaluate potential investments, interest rates, and loan providers. It’s like having a financial planner in your back pocket.

3. Mobile Pay

Although there are plenty of retailers that are not yet properly fitted with mobile pay software, that number is quickly shrinking. The more consumers that ask their favorite retailers to invest in mobile payment systems, the more payment options are expanding for consumers. Virtual wallets are allowing many retailers to keep their doors open in a world where an increasing amount of revenue is coming from online sales. Even some car dashboards are enabled with mobile pay platforms to make getting gas easier. If automakers are getting on board, it won’t be long before mobile pay options are just about everywhere. Consumers will be able to leave their wallets at home while retailers open themselves to more diverse revenue streams.

4. Mobile Lending Apps

If you haven’t seen or heard advertisements for mobile lending apps by now, just know that these are the wave of the future. Personal loans, home loans, and car loans can be applied for and approved in minutes. The results now culture has permeated and is taking over the way we handle our finances and financial opportunities. And these mobile lenders and loan processors are now a worldwide phenomenon, and the number of lenders is increasing all the time. The fact that these apps are available on mobile devices, makes them extremely convenient and accessible. Because who doesn’t have their phone nearby at any given moment?

With the increase in automation and digitization over the decades, it is only right that the banking industry follows that trend. Digital information and financial services are growing and expanding quickly, so keep your eyes open and your wallets close.