DIGITAL BANKING
There can be no doubt that the rise of mobile banking has changed the way both individuals and businesses interact with their respective financial institutions over the past decade or so .
A trend propelled by the prevalence and availability of smartphones , customers these days can manage their finances in various ways at the touch of a button – on the go or from the comfort of their own homes .
The level of accessibility and convenience on offer across financial services has reached new heights thanks to mobile banking advancements , which have simultaneously encouraged unprecedented fintech innovation .
Technologies like P2P payments and biometric authentication , to name just a couple , have been spurred on by mobile banking , emphasising the need for traditional banks to adapt and modernise – or find themselves being left behind .
Look no further than a recent study from Juniper Research , which forecasts that the total value of digital wallets transactions will rise by a staggering 77 % in the five years from 2023 to 2028 , from US $ 9tn to more than US $ 16tn .
66 April 2024