The big changes predicted to change the banking industryMar 7, 2017 Blog Banking , FinTech
Many industries have seen fluctuations over the years, however the banking industry has certainly seen its fair share. The way people manage their money has changed through milestones such as the great recession and the introduction of financial technology, also commonly known as Fintech.
The big disruptions happening in recent years are driven by technology and the banking industry is predicted to change due to this. Seven of Forbes Finance Council members share their predictions for the next 5 years:
- Paper checks will no longer be used
- Fintech companies will continue to change how consumers pay
- Blockchain technology could mean decentralisation
- New and updated regulations will be passed
- Banks will partner with Fintech companies
- Bitcoin will disrupt currencies
- Fintech will pressure banks to become more consumer friendly
It is evident that technology is a huge, if not the only influence in the banking industry which will force these changes.
Forbes published the full article and you can read the full article here.