The banking industry is one of the oldest and most well-established sectors of activity worldwide. And it has been that way for centuries now.
One of the reasons why this industry has always been at the top, no matter what historical period we are referring to, is its adaptability.
Banking manages to keep up with the latest global trends, and by using technology and innovation to its benefit, it always stays afloat, regardless of the economic turmoil the world finds itself in every once in a while.
By 2023, over 80 million people will be using neobanks in Europe
This paints a clear picture. The old idea of going to the bank and getting things done is a thing of the past. The future is almost 100% remote, which also applies to banking.
Neobanks offer users all the necessary tools to open, manage, and close accounts, from their smartphones to anywhere in the world.
Banking from your smartphone is the new staple, and all financial institutions are rapidly adapting to this fast-rising trend.
Average American bank users already have around five bank accounts.
Having more than five bank accounts means that competition in the banking industry is getting more demanding and challenging. Companies need to find more incentives and innovative ways to attract and retain customers.
Every client gets better offers for opening a new account at a different bank. In addition to all the benefits of being a new customer, users are looking for better and more efficient services from their bank.
That’s where customized software solutions come into play: to identify your business’ needs and to find and implement modern revolutionizing solutions to take your operations to the next level.
65.3% of all US citizens use online banking services
If there was ever an indicator that we’re already living in the future, that’s the number of people using online banking daily.
Close to 7 out of 10 Americans use online banking services, and all the latest trends show that these numbers will continue to grow for the next couple of years.
This means constantly adjusting and producing better and improved processes to enhance your client’s overall online banking experience is a must.
Using chatbots will save the banking sector approximately $7.3 billion by 2023
Initially, Juniper Research predicted a total amount of “just” $209 million saved on customer service costs for companies who opted for chatbots.
However, this number will reach an unprecedented $7.3 billion (about $22 per person in the US) in saved costs by next year.
Once again, this shows us how innovation can be the backbone of the online banking sector by smoothing out processes and cutting costs to a minimum.
It is estimated that by 2024, close to 2.4 billion people will be active online banking users.
Between 2020-2024, the Asian market will reach approximately 1 billion online banking users.
To put things in a better perspective, that’s roughly 1 out of every 8 people on the planet.
mindit.io offers revolutionizing software solutions to bring your business one step closer to the future.
We can be your partners starting from the consultancy stage through the analysis period, and we can handle the entire project through its entire development phase.
Our specialists are equipped to identify your business needs and create the software solutions required by your company to reinvent itself.
If you’re interested in reading more about the future of banking, click here to download our 2022 eBOOK (fill in the form – it takes 15 seconds).
Drop us a line at contact@mindit.io to get in touch!
