Today, we launch a major new study into the future of global retail and digital banking and the digital revolution.
A Whole New World: Banking’s Digital Future states that by 2025, we believe consumers will combine their banking needs with a trip to their local café or supermarket, opening an account secured with full KYC and AML checks through super-capable POS terminals or withdrawing cash when paying for their coffee.
In other words, a bank will no longer be somewhere you go. Instead, banking will be something you do, alongside other daily activities.
Branch networks, long since in decline, will give way to a new wave of digital banking services delivered via mobile and remote terminals. Over the next five years, consumers around the world will witness a complete change from what we’ve known to date. And this revolution will be powered by super-capable, automated banking terminals, backed up with secure, efficient and powerful software.
Digital banking has a number of attractions, not least because it is based on more flexible and cheaper intelligent terminals and cloud computing enabled by new, super-fast mobile internet network technologies. These technologies reduce the investment threshold for banks and help to create new services, with lighter terminals, a smarter network and the capacity for a range of intelligent sensors, from 3D structured light cameras and NFC readers to fingerprint scanners and GPS.
This new approach to banking service delivery will have wide-reaching effects, including enabling those people around the world without sufficient access to financial services to enter the banking system, a market valued at around US$380 billion per year.
How to win in the new world
To succeed, banks need to completely change the way they think about their existing systems. As the world moves online, customers will expect faster, cheaper, more secure and flexible services as and where they want them.
As our report makes clear, banks around the world have started adopting innovative, digital-first client services. Although still in its infancy in Europe and North America, fully digital banking is more advanced in Asia, the Middle East and Africa, where banks have fewer legacy systems to manage.
Learn more about the steps your organisation should take to prepare for this digital banking revolution – please download A Whole New World: Banking’s Digital Future
Founder and CEO, Wiseasy