Technology

Digital banking took over traditional banking – financial predictions

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People are now living in the digital era and handling money has never been easier. In the past, you had to go to a bank for any financial action you needed to complete. Things are different now when you can do whatever you like from the comfort of your own home. Digital banking developed so much during the past few years, that people use digital financial systems on a daily basis. Mobile banking apps took over traditional services because of the comfort, reliability,and security that they offer. Even though some people find it difficult to embrace the digital banking technology, most apps and financial systems become more and more accessible to anyone. Here are some predictions that you might want to know about:

Millennials’ habits transformed the way people handle money

The usage of bank apps is mostly influenced by the habits of millennials. Most people who are already used to the benefits that technology implies prefer to transform routine tasks into more comfortable tasks. Using a bank app is much more convenient than going to the bank to perform a simple money transfer. For instance, see the Kora inclusive financial systems and pay attention to how easily you can deposit, withdraw or make a money transfer from the user-friendly platform of the app. The financial services space will suffer tremendous changes in the next ten years considering the fact that the whole technology behind it is going to be modified. Big Data analytics along with the blockchain tech is going to be the center of attention by 2020.

Financial technology

By 2030, online payment security will increase to its maximum capacity, so if the reason why you are not using brand-new financial systems is related to how safe they are, this won’t be an issue any longer. Alternative payment methods will be added by then meaning that people can choose from different cashless variants. Non-paper money is the goal for the future. Take into account how popular cryptocurrency is lately. The future of payments is entirely based on virtual currencies. Yet the rise and fall of Bitcoin still scare a lot of people, making it unapproachable. When cryptocurrency will be stabilized, there are high chances of including it into our daily payments, even though banks are not happy about it at the moment.

The mobile wallet

Beside money transfer apps, millennials started using mobile wallets for any virtual payment they make. App subscriptions, mobile services and so on can be paid directly from your virtual wallet, in an instant. Isn’t that convenient? Plus, in the future, numerous devices will be dedicated to virtual payments. Wearable, biometrics,andparties are just a few of the goals that the financial industry has for the future. Paying cashless with no additional steps involved would be preferable for most people, as long as it is secured and reliable. With the evolution of tech comes the evolution of hackers, so investments in terms of safety are paramount.

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