Impact of the Digital Wave on Banking

By CIOReview | Friday, May 18, 2018

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Digitization has penetrated almost every sphere of realm today, and the change has ushered convenience which was unimaginable a few years ago. The most tangible instance is a routine banking transaction these days, which can be effortlessly carried out on a smartphone interface. This transformation alone speaks volumes about how banking has evolved rapidly as a result of the digitization wave that broke out in the early 2000s. Many online platforms these days provide consolidated loan and smart investment plans from myriad banks to help users make smart investment decisions. Hence, digital transformation has amplified customer experience like never before and has made it convenient for users to choose a financial institution that aptly suits his needs. Elimination of the need to bulk up wallets with currency notes and instead facilitating cashless transactions by merely swiping plastic debit/credit cards is perhaps one of the most noteworthy successes of digitization. FinTech is a term that best defines the disruption of technology in the banking landscape, and the jargon has got finance bosses world over raving for quite a while now. The recent times have witnessed a boom in FinTech startups around the world who are employing cutting-edge technologies such as Blockchain and cryptocurrencies to make financial transactions sophisticated. Several media sources have stated that Fintech startups around the world garnered funding worth $17 Billion in 2016, which hints FinTech is the in-thing.