This is a hypothetical question. To define the future of banking, we need to analyze the current trends in the financial industry. There are multiple and dramatic speculations on what awaits the banking sector in the next decade, but, from a customer’s perspective the only answer to "Is digital banking the future?" is "Yes.", because it is clear for everyone that our future will be digital, cashless and personalized.
Instead of asking "Why digital banking is the future?" we have to admit that the future of banking technology is already here, and we can see more and more disruptive solutions from Fintechs. Open banking topples the monopoly of banks and gives Fintechs access to customer data across the whole industry. This will generate a huge amount of Big Data that will be utilized by highly skilled financial AI designers. Such future artificial intelligence in banking will deliver personalized solutions, offers and suggestions to customers helping to manage their finances on a new level.
There is no separate future of business or community banking, or even a future of transaction banking, because the future of banking in general will rely heavily on the digital experience provided to its customers. This will result in huge competition, global delivery and thousands of customized digital initiatives in banking. We are looking at a world of endless opportunities due to disruptive banking technology, a tough digital world ruled by customers.
Check out the best UXDA articles about the future of banking.
Million of bank employees will lose their jobs in next decade, and the reason for that is technology: digitization in banking, AI in banking.
10 digital Fintech design trends that reveal the approach of disrupting the banking business. Check out your ability to integrate user-centricity at all levels of the company.
Is it possible to unite dozens of traditional banking features in a single Neobank app? The answer is “yes” if you combine cutting-edge technological innovations and banking user experience.
Legendary case study on the UXDA's vision of Future Banking has collected over 100K reads and reveals the main stages of financial UX design.
Finance has always been quite conservative but it hasn’t missed out on technological progress. Due to the development of technologies, banks are becoming separated from their customers. According to research, 40% of American bank customers don’t go to...
We need to remember that banking future depends on digital channels and UX strategy, not on marketing.
It was announced that UX Design Agency, a small agency from Latvia, has been nominated for European’s Best FinTech Award. How did they achieve it?
Design Thinking is needed to adapt banking services to the new world. In a human-centered economy your service has to be user-centered.