Digital%2520Banking_edited_edited.png

Newsletter

Be on the lookout for news and updates in the FinTech space

Subscribe to the GROVER newsletter now!

Follow us on our official social media platforms:

  • LinkedIn
  • Facebook
  • Twitter

2021 & Beyond!

Latest Trends to Watch Out in the Digital Banking Space

Author: Sanjana Sarma

20 May 2021

Banking As A Service, the New Norm 

Banks have started providing Banking as a service (BaaS). Many countries are already considering the banking regulations that will define the rules of client-bank digital interaction.

 

Though BAAS is still in its early days, the UK has already passed BaaS and open banking regulation, and countries around the world will soon follow suit. The most innovative are already taking advantage of this technology.

businessman-using-laptop-mobile-phone.jp
24318.jpg

COVID-19 forcing institutions to embrace digital transformation

Financial institutions are under greater pressure to provide digital functionality that is both simple and fast.

 

At a time when most institutions are heavily concerned with the prospects of loan losses and the shrinking of revenues in a post-pandemic economy, we can also see a shift of focus on automation and robotics for a seamless operations and customer experience.

The decline of brick-and-mortar banks

The relevance of physical banks will continue to fade, slowly but steadily, giving way to the overwhelming use of digital services via mobile, computer, and other devices.

Impoverished%20homeless%20man_edited.jpg

Digital Financial Services for the Underserved Market

A significant number of excluded and underserved poor customers are using a mobile phone or other digital technology to access financial services. And it continues to shift rapidly with the emergence of ever more new technologies. 

 

Typically lower cost of digital transactional platforms — both to the provider and thereby the customer — allow customers to transact locally in irregular, tiny amounts, helping them to manage their characteristically uneven income and expenses.

The Need for Fast Data Processing

The movement to cloud computing has been slower than anticipated in the banking industry; however, the need for fast data processing will lead to the accelerated use of cloud computing in the banking sector.

Race to become Cashless

The movement to cloud computing has been slower than anticipated in the banking industry; however, the need for fast data processing will lead to the accelerated use of cloud computing in the banking sector.

Analysing%20data_edited.jpg

Expecting Instant Gratification

Conditioned by real-time ride-hailing, one-click shopping, and same-day delivery services, digital customers are coming to expect instant gratification constantly. The next frontier is the instant and seamless integration of the digital and physical world

Published May 19, 2021

Author: Sanjana Sarma

Follow us on our official social media platforms:

  • LinkedIn
  • Facebook
  • Twitter