Global digitisation – Technology in banking

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Technological advancement has single handedly completely revolutionised the entire planet. Everything that we do, all the ways in which we interact and operate, and the very nature of our imprint on Earth itself. Technology has brought us to the brink of new evolutions and then tipped us over into the next transition of each of them, slowly increasing our presence and improving our technologies. Every industry has been effected, and it comes as no surprise that some of them have not been able to cope with the effects that technological advancement has had on them. As some industries have fallen away, others have risen up and evolved to become modern day giants of economy and society. Banking has been one of the last industries to feel the push and pull of technological disruption, but once it began to feel it, the innovations have been rapidly coming in, changing the very foundations of the banking world and reshaping them to realign them with the technologically-inclined future that we are barrelling towards.

Technology in banking is not only the future and beyond of the industry, but it is now decidedly the present. Across the entire industry there has been a certain push towards redefining business models and allowing the development and natural increase of growth. Users have found the technology that has soared into the industry thus far to be incredibly efficient and overwhelmingly easy, making it an easy win for them. The banks themselves have begun to realise that technological advancement and takeover within the industry is inevitable, and have begun to adjust accordingly. Traditional banking is on its way to becoming irrelevant, and the next evolution is ready and raring to go, going so far as to already begin to push traditional banking off its pedestal. Mobile banking and models like Fintech are sitting in the pilot’s seat in this journey into the next era: the digitised era. Everything is going to go digital, from shopping and banking, to education and select aspects of healthcare. There are of course some concepts and aspects of industries that digitisation cannot replace, but they too will likely be given a technological revitalisation. Updating systems is never a bad thing, but the industries like banking and education that can be taken entirely online, likely will. We are already experiencing the beginning of such a complete takeover.

Banks have been forced to reimagine their futures, and to try to pull focus onto that reimagining. It is not at all lost on even the most established of banks that, if they want to succeed into the future, they must readapt their methods and models, or risk becoming irrelevant and being phased out entirely. Traditional brick-and-mortar banks were the embodiment of financial isolation, and the introduction of technologies such as website banking, banking apps, and instantaneous global transfer of funds (among other technological advancements) has provided the entire world with a unique opportunity to be a part of the transition, rather than a transference model from A to B. Simply put, consumers are being given almost immediate access to banking innovations like international transference and mobile banking, instead of having to teeter dangerously between the traditional models of banking and the next evolution, the unknown.

Hyper-connectivity and digitisation have steadily made their way into our everyday lives, and banking is not immune to this sturdy pivot. In the face of certain global digitisation, every industry has had to realign themselves with the way that the planet is moving. There has been a steady incline of rapid development and innovation that has led to the essential digital takeover of the banking industry, and users are embracing it and loving it, being more than ready to leave the less-than-convenient ideas of traditional banking methods behind them. Technology has changed so many industries, but the banking sector has been on the receiving end of perhaps the most influential and profound changes of them all. Not only can individuals apply for new accounts online, but they have unlimited access to website accounts that take them through the histories and stabilisations of their bank accounts, as well as the evolution of mobile banking – making consumer banking easier and more efficient than ever before.

The tides have changed, and the banks that are still in operation have foreseen that and used it to their advantage, willingly embracing the technologies that have infiltrated the industry. The changes in motion in the banking industry have not only changed the industry itself for current generations, but have set in motion a future for the banking world that easily provides a seamless experience for the consumers, allowing them to take care of their finances in ways that are the most convenient, efficient, easily accessible ways possible. This is an exciting time for the banking universe – and the entire financial sector, at that. The future of financial impact is going to continue to improve and to evolve, and we are witnessing the beginnings of what is sure to be complete digitisation of the industry.

 

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