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Top 3 paradigm shifts in the global banking sector

Top 3 Paradigm Shifts in the Global Banking Sector

The global banking sector has been continuously reinventing and evolving itself with global technological advancements. From minting steel coins in its primitive era to the burgeoning facility of online banking: it has come a long way. The IT industry is rife with endless possibilities, and so is the banking sector. This blog aims at hypothesizing the near future of the banking sector, focusing on the triumvirate of digital banking, open banking, and secure banking.

Digital Banking

Digital banking is monumental. It is a groundbreaking revelation akin to the impact smartphones had on communication.  Digital banking provides complete access to the customers: at any time of the day, and about any information pertaining to their respective bank accounts. Transactions have become easier and handier: subsiding the need for cash.

Digital banking operations are expected to become more widespread, reliable and convenient with mitigation of traditional banks and the potential incorporation of Artificial Intelligence. According to Statista’s report, the number of digital banking users is expected to reach 3.6 billion worldwide by 2024. Compared to roughly 1 billion users in 2017, we expect the surge to be more substantive till 2030 than it had been in the last 6 years. InfoTech, aligning with this surge, aims to optimize its partnerships with local and international banks, enhancing their digital banking modules.

Open Banking

Open Banking is the future. The customers would be able to access their various bank accounts through a unified platform. It would significantly restructure the entire banking sector, foster collaboration and would lead to more interconnectedness. This would empower and involve the consumer in the financial set up far more than it ever had previously. As per Statista’s report, the value of open banking transactions worldwide reached 57 billion U.S. dollars in 2023, and it is expected to increase sharply in the following years. At InfoTech, our goal is to guide organizations to embrace innovation and succeed in the dynamic digital era. We attempt at navigating the trends in progression of digital technology and innovation.

Secure Banking

Cybersecurity measures are key in the realm of banking. Authentication methods do need to be more secure and user friendly to curb cyberthreats. Biometric security measures, such as facial recognition, fingerprint scanning, voice detection, and iris scans, are envisioned to replace traditional ATM cards, ushering in a new era of personalized security. Imagine a world where voice payments are the norm, and the threat of fraud or theft is minimal. Cybersecurity in the banking sector would undergo a systemic transformation that would commence a new dimension of reliability from the consumer’s end. InfoTech aims at being steadfast at rebranding its services and products by incorporating high-end solutions to combat dynamic cyber threats. We offer a range of meticulously crafted security solutions which cement our credibility in dealing with varying cybersecurity threats.

Overall, the future of the banking sector, in confluence with technology, is an odyssey with endless possibilities. Digital, open, and secure banking are not just mere trends; they are the pillars of the future financial landscape.