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EVERYTHING YOU NEED TO KNOW ABOUT FUTURE BANKING

With the change of generation science and technology are also going to change in a direct proportional range. Even every nation is now supporting digitalization in their country. Of course, India too supports that. Prime minister Narendra  Modi himself said to support digital India and Digital transactions. Keeping this aside it is confirmed that 80% of the present Indians are using Banks for keeping their money safe. Maybe it can be digital or non-digital banks.  The demand for future banking is increasing day by day.

Future retail banking:  Retail banking is the specific services banks can offer to the individuals. Such as saving, debit cards, and loans. Now Consumer is mostly interested in digital banking services. Considering this as a key point even retail banking is also launching its services in the Banking-as-a- service. Their main thought is to remain as the top competitive one.

Future mobile banking:  Mobile banking is now the go-to method for costumers. They can make online transitions like deposit, account transfer and verifying bank balance, etc. According to the sources, 89% of the world’s population is now using mobile banking. Mobile wallets are one of the upcoming easy banking methods. They are the easiest methods for the customers and they help the customers to make a purchase online or in a store with the help of their smartphones.

Some of the frequently used mobile wallets are:

1.            Google Pay

2.            Phone Pay

3.            Paytm

4.            PayPal

Future of Online banking: Obviously it is known that the popularity of mobile banks and wallets surpassed online banking. This results in the slowdown of online customers worldwide. Despite the shortfall, some banks still try to rise up by bringing up some cashback offers, reward redemptions, etc.

Future of digital-only banks:  The other name for the Digital-Only Banks is the NEO Banks. Presently they are redefining the future of banking around the world. Having plenty of barriers and a slow start the NEO banks faced struggles but after the recent development and the loosening of regulations NEO Banks are now set to take off

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