BANKING
“ There has been a surge of businesses opting for contactless-only payments , meaning we are now experiencing the biggest reduction in cash . However , this has also caused the need for further cyber security ; many companies need to provide end-to-end encryptions to keep consumers ' data safe .”
“THE MERGING OF CASH AND CRYPTO IS A TREND THAT WILL TRANSITION TO BECOMING THE FUTURE OF PAYMENT ”
ANTHONY DIMARSICO CEO OF BANXE
She also points out that digital transformation has helped the marketplace develop business models offering better value to consumers , while making pleasing profits . New trends such as virtual meetings via Zoom , Teams and Google Meets continue to hold their position as many people prefer the option of flexible working .
There is a growing confidence in the use of technology , too . “ People are more confident in using apps to arrange and manage their finances , and are less reliant on high street banks to meet their financial needs , resulting in a given rise to many budgeting and money management apps . We are also likely to see plenty more newcomers in future due to consumer demand ,” says Green .
DiMarsico agrees with Green and points to the 17,000 cryptocurrency ATMs in operation in America today . “ It is clear the appetite for using crypto in the same way as cash is there , be it to pay a bill , buy a meal or use public transport . The merging of cash and crypto is a trend that will transition to becoming the future of payments ,” he says . “ Using a single access platform that bridges the gap between old and new payments brings an assortment of possibilities and allows users to learn how to buy and trade in crypto .”
Political turmoil has caused further disruption “ One of the most significant changes that has occurred in the personal finance space since the pandemic has been the accelerated digitisation of risk and compliance functions ,” says Stuart Esslemont , global head of legal and compliance at ZEDRA
He comments on the fact that the industry is facing a very volatile and rapidly evolving