If the financial industry has taught us anything in the past, it is that we can no longer postpone digital transformation in banks. Today, consumers expect to perform banking transactions from anywhere and anytime. The technological advancements that offer improved interface and inclination of customers for convenience drive the market of online banking. According to a research firm, Allied Market Analytics, the global online banking market is expected to reach $29.98 billion by 2023, with a compound annual growth rate (CAGR) of 22.6% during the period 2017–2023.
The increased demand for digital versions of the traditional bank has caused several financial institutions to seek out better solutions to securely digitalize their offering and transactions while maintaining low costs. The growth of smartphone usage and increasing internet penetration among consumers, especially in developing countries in the Asia-Pacific region are expected to transform the online banking market. However, customers have introduced to novel methods of online banking transactions in the last couple of months and some of the major trends are yet to hit the market. Few of them are mentioned below.Resources:
AI & biometrics – Major trends that redefine the online banking market
Keywords: AI,Biometrics
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