Are We Reaching a Digital Banking Revolution?

The financial landscape has changed dramatically over the past few years. The uprising of Venmo, Monzo and other digital payment options has changed how we view money and our finances. Banks have closed stores and made the online version of their sites more amenable, while several have no physical location and operate as solely an online bank. While it initially seems that the financial sector is heading solely down a brand-new route, could our preconceptions be slightly misguided? Are we completely moving towards a new way of dealing with finances?
 

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Digital Payment Industries to Diversify

One of the biggest things that will happen in the next year for the financial services sector is that consumers will be able to indulge in new ways of engaging with their digital finances. We have already seen some degree of change in this regard - from the rise in e-wallets and the encrypted security that they offer to new ways of managing spending and organizing our savings. Modern digital payment methods are already on offer in, for instance, the online casino industry and are often cited as a bonus of one site over a rival. If you wanted to play on a new one, you can check what kind of digital payment options it offers. There are dozens of online casinos that offer high-quality graphics and gameplay combined with the kind of modern tech options such as e-wallet payouts. This enables consumers to engage with the modern finance methods while also doing what they were before – which explains why other industries that have migrated to digital means, such as the casino industry, would be trialling it out.
 

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Challenger Brands Face Traditional Bank Wrath

Reports from Accenture indicate that 15% of financial revenue goes to challenger brands or new entrants showing that the fintech start-up boom in the UK is significantly growing in the finance industry. They have taken advantage of the distrust to commercial banking and the new ways in which consumers want to engage with their finances. However, fewer than 20% of customers of these challenger brands use them as their primary account, showing that banking’s new revolution may actually not be as much a permanent revolution as it initially seemed. As a result the traditional banks are planning on launching their own versions of these digital services. RBS has announced it has several in the works, while the core banking divisions obviously have more to work with than challenger start-ups.   

The financial sector is one of the most important for analyzing consumer opinion. The rise in digital payment methods and modes of digital banking shows that we are moving towards a digital way of managing our finances. But the fact that most people are still using their traditional banks to such a degree shows that actually the complete digital revolution is still some ways off. Instead, it is likely going to be gradual change that culminates in a huge shift if consumers opt for this. This slower development means that people have chance to adapt to what could be very startling change for such an ingrained industry.