A major aspect the survey reported is that the digital banking market is expected to grow at a positive compound rate of 22.04 percent from 2018 to 2023.
Owing to the mass adoption of new digital technologies, the financial market has changed dramatically.rn rn
Today, digital consumers are increasingly preferring messaging platforms that utilize voice and text-based interfaces as their mode of engagement.rn rn
Today, customers demand an improved and engaging experience from their banks, therefore, the way banks serve their customers needs to change and evolve. rn rn
In the world of consumer banking, the Open Banking resolutions are indicators of a subtle shift.
With the changing times and increasing impact of technology, there has been a transformation in the way various sectors perform, and banking is one of them.
Open banking has changed the perspective of financial institutions from viewing it as a threat to recognizing its potential in achieving digital transformation.
A truly digital identity is a critical enabler for a digital economy. Today, however, a sizeable section of the global population lacks the basic digital credentials to fully participate in the digital economy.
The financial industry has always been dynamic when it came to the application of new technologies: automation has been used for back office and operations since the 1960s.
Although not an early adopter of the internet of things (IoT), the banking ecosystem is gradually gravitating toward sensor-based devices and is refining their business models based on an IoT-based approach.
