The way we do banking has certainly changed and doesn’t show any sign of stopping – and that’s just what consumers have shown they are wanting: less traditional banking, more digital banking services. More banking, payment, and investment solutions at our fingertips, less traditional brick-and-mortar branch locations, as well as actual bankers. So, what does the future of digital banking mean and what can we expect as consumers?
What Does Digital Banking Mean?
The ability to access everyday banking functions, like being able to pay others, monitor your card spending, or organize your savings (and even gain interest), is more available and accessible to consumers than what traditional banking used to be able to provide.
The banking features we’re able to utilize on a desktop computer – check balances, pay bills, apply for a loan, etc. – commonly known as online banking, have merged with what we’re now able to do from a mobile device (mobile banking apps). This ability to take care of our personal finance needs and access certain banking features from wherever we may be is what digital banking is all about, according to Forbes.com.
Chad Butler, President and COO of Marygold & Co., elaborated on this ever-changing landscape of digital banking in a recent article published on Worth.com.
Between evolving customer expectations and a pandemic-prompted acceleration of the financial services industry’s digital transformation, digital banking has become a basic requirement for most banks. Today, traditional banks have no option but to adapt in order to remain competitive.
While most banks still focus on building customer-centric digital banking solutions to compete with modern fintech options, many banks have learned the value in allowing fintech companies to leverage their “banking as a platform” (BaaP) options to partner in accessing new customers.Worth.com – “An Inside Look At The Future Of Digital Banking”
What Does the Future of Digital Banking Look Like?
Traditional banks and mobile banking apps alike must continue to adapt in order to stay competitive in today’s modern banking world.
According to Chad Butler in this recent article, we as consumers can expect to see more and more financial technology tools become increasingly more available (as well as more comprehensive and secure) through mobile banking apps.
We have apps to organize our pictures, our friends, our favorites, etc., and the future of digital banking will bring financial technology tools to help us organize our financial well-being, as well. Structured around our goals and income, digital banking solutions must meet customers’ financial needs in a connected, seamless manner.Worth.com – “An Inside Look At The Future Of Digital Banking”