Banks are a mixed bag when it comes to utilising technology’s full potential: some are taking full advantage while some are trying, and often struggling, to apply technology to their existing businesses.
Everyone recognizes the benefits of going digital these days, especially governments seeking to advance their economies. The value of any national economy hinges on its assets, and a digital economy has its own assets that are distinct from those of traditional economies. These digital assets joined together within a thriving ecosystem are intrinsic to the formation of a truly inclusive digital economy.
No one can deny that around the world, bank branches are shutting their doors, alarming consumer advocates. But who is mainly behind the trend away from brick and mortar and toward digital? As research proves, the prime mover is the customer, whose changing demands and expectations are causing the shift. Fortunately, today’s two main banking channels are not mutually exclusive; they can work successfully in tandem.