Future of Retail Banking
Added on 2020-07-23
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FUTURE OF RETAIL BANKING
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONPresent study will discuss future of retail banking in next 10 years. Furthermore, it willcompare current prevalence of digital banking with future digital banking. MAIN BODYTechnologies have changed the scenario of the banking industry. There are manypowerful forces that are shaping the banking industry and are helpful in creating imperative forchange. Existing banking models now have become outdated now bankers believe that they haveto service consumers digitally by using advance technologies. In the future people will be ableto use banking services through mobile applications (Augusto and Torres, 2018). In future therewill not be any physical bank branches. Bankers will offer Fintech technology for transfer andpayment of consumers. In the future peer lending facility will be provided by bankers to their consumers. Thiswould be the technique that will allow consumers to take benefits of loan digitally and repay itsthrough digital sources. By using Fintech and other applications consumers will be able toexchange money within a minute and they will be able to transfer their money anywhere in theworld. Future of retail banking in the country looks like transformative (Itani and Inyang, 2015). In the future digital wallet system will be offered by banking industry to its consumers. Itwill replace traditional card payment system to digitalisation. This technology will giveconsumers new experience. By this way people will be able to store money in their wallets andthey will use it by mobile application. For example in the future consumers may use googlewallet system, it will be linked to bank account. By this way individual will be able to transfertheir money to others. In the future consumers would be able to use integrated billing system inwhich they will not required to pay in cash. They will be able to pay to others automaticallythrough mobile applications. As people are accessing internet to great extent, social media is being used by massaudience. Through their smartphone consumers will be able to get banking services easily.Through this digital solution payment, transfer will become more easy. As there will not bephysical branches so through this mobile applications and integrated payment system consumerswill use banking services effectively. Innovation in transfer and payment system can make the future of retail banking industrybright. Use of digital wallets, integrated billing system support in fair economy transactions.1
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