The banking industry is changing, and the change is happening fast. Technology has changed many aspects of our lives, and now it's changing how we manage money. Trends are emerging that will completely transform the way people use a bank. The following five trends are just a few examples of what you need to know about to stay ahead in this competitive world!
1. The increasing popularity of mobile payments
As many people are now using their phones for everyday transactions, the demand for mobile-friendly banking services will continue to grow.
Already, several fintech startups are offering innovative mobile payment solutions. Some of these include:
- Apple Pay
- Samsung Pay
- Google Wallet
- Venmo
- Zelle
These services allow users to make payments using their phones by simply scanning a QR code or tapping their phone against a contactless reader.
2. The rise of peer-to-peer payments
Peer-to-peer (PTP) payments are transactions between two individuals without the involvement of a financial institution.
PTP payments have surged in popularity in recent years, as people have become increasingly comfortable with the idea of transferring money electronically. Services like Venmo and Zelle have made PTP payments faster, easier, and more convenient than ever before.
Shortly, we can expect to see even more widespread adoption of PTP payments as people look for ways to avoid paying high transaction fees.
3. The growth of blockchain technology
Blockchain is a distributed ledger technology that allows secure, transparent, and tamper-proof transactions. It can revolutionize the financial sector by making it easier and faster to transfer money worldwide.
Already, several startups are using blockchain technology to create innovative banking solutions. Some examples include:
- Ripple
- Marquise Technologies
- BitPesa
We can expect to see even more blockchain-based banking solutions in the years ahead.
4. The rise of Robo-advisors
Robo-advisors are automated investment services that provide users with low-cost, algorithmically determined portfolio management advice. Instead of relying on human brokers and financial advisers to make decisions for them, Robo-advisors invest their clients' money using a predetermined set of rules.
Robo-advisors have been growing in popularity in recent years as more and more people become aware of their benefits. We can expect to see even more Robo-advisors enter the market soon.
05 . The increasing demand for financial literacy
In the past, most people relied on their financial institutions to teach them about personal finance. Financial institutions have realized that they need to educate their customers about money matters and turn to fintech startups for help.
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