Future of Online Banking: What Can We Expect in The Next 10 Years

Living in the machine age and the era of digitization, it’s not unexpected that banking and other financial systems are also shifting online. With the human race constantly striving to make things more convenient and save time and energy, online banking has emerged as one of the easiest methods of making transactions.

Now accessible to and used daily by millions, online banking allows people to send and receive money by pressing a few buttons on their screen. They no longer need to visit a specific location and waste time waiting to make transactions. It can all conveniently be taken care of by their phones.

This rise in the tide of digitalization also owes its existence to the recent pandemic where the world physically shut down, and all systems and organizations were forced to run online. Due to this, it became necessary to digitize things to keep them going since there was no other option. This boost in the need for digitization has now contributed to an unexpectedly rapid rate of it.

Read: Instant SEPA: Bank payments in 5 seconds

What was once thought to be the far future is becoming the present. The trend of digitalization is expected to be adopted by all major companies. This is essential to stay in command of their business. Those who do not adapt get left behind or quickly become obsolete when replaced by those who do adapt. 

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Here are some things we can expect to happen in the financial services fields in the next decade:

● Decline In Traditional Banking Methods

The digital banking rate will also increase as we progress, and the reliance on traditional methods will meet a decline. Banks will upgrade their online systems and add more features to cater to their clients’ needs. E-banking will become the norm and will be made easier and more accessible.

● Decrease In The Use Of Cards And Cash To Pay

The use of cash and cards to make transactions will also meet a steep decline as people will find more convenient ways to bank digitally. In online stores, various Saas companies like Credit BLU, Venmo, and PayPal will be used to send money digitally much more than credit and debit cards.

Read: How to get Virtual debit cards?

● Competition Between Banks And Payment Platforms Will Increase

The competition between the payment platforms and banks might increase significantly as more and more people might opt to use these apps to pay and receive money more often than they use actual banks. Banks will need to increase their E-banking features very quickly. 

● Wide choice in which (digital) currency to keep money

With the appearance in our life of many digital currencies, tokens, and coins, it will soon be possible to choose a more profitable currency to store your savings and investments.

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● Increase In The Chances Of Digital Theft 

With the increase in the use of these apps, the chances of fraud and digital theft might also be on the rise, which will cause these companies to create much safer transaction conditions to maintain their user’s safety and the clientele base.

● Better Customer Service

With the digitalization of banking, a computer will be in charge of tending to every customer’s needs. This means millions of customers can get tended to immediately instead of waiting around in lines for their turn.