Taking digital banking to the next level

As a kid, my parents were always running errands. One of which was going to the bank. But today, bank branches continue to dwindle, and customers are opting for online digital banking, whether it be for their checking accounts or investing. Here are some digital banking trends that are only going to continue growing into the coming decades.

Contactless payments

Older consumers might still remember a time before credit cards. Now, contactless payments are taking over the banking industry with touch-free and tap-and-go transactions available across most banking institutions.

Cryptocurrencies

Like it or not, this is one digital banking trend that’s not going anywhere. Blockchain technology is helping millions of people around the world secure their assets, and the introduction of stablecoins is giving individuals exposure to fiat currencies they otherwise would not have access to. We will likely see more banks integrate cryptocurrencies into their product offerings in an attempt to capture younger customers who utilize these payment networks.

Neobanks

Move over institutional banks, neobanks are here to disrupt the status quo. Gone are the days of writing checks and visiting in-person branches. This gives neobanks the opportunity to use fintech in banking services, helping to cut their expenses, and provide their customers with better banking products. Neobanks were born digitally, so they don’t have to convert their services from the pre-digital age like their institutional counterparts.

Mobile banking

There are many countries around the world where individuals own a mobile device but not a personal computer. For these people, mobile banking is a must. Depositing checks and making mobile payments are already the norm. Moving forward, mobile banking technologies like the integration of AI, instant payments, cryptocurrencies, and more will make mobile making easy to use for customers around the globe.

AI-powered customer service

That bank representative you are talking to online might not be a human. More and more banks are utilizing AI as a firstline customer service, helping to solve straightforward issues and kick support tickets up to human reps when needed. This is an online banking innovation that will only grow with time and improvement in AI technology.