We are witnessing an evolution. Banking is changing in so many ways – the move away from cash, and even cards, the urgent uptake of online banking, and a growing interest in personal investing. The slow and steady pace of the industry has been accelerated more in the last year than in the entire decade prior.
Utilising several of the new waves of disruptive technologies such as big-data analytics, artificial intelligence (AI) and cloud computing, neobanks across the world are fundamentally transforming the very notion of banking. And given the restrictive impact that the coronavirus pandemic is having on the global population,
According to a report commissioned by the UK’s Treasury, Britain’s financial services system is experiencing an existential skills crisis. Why? As digital start-ups have moved quickly to offer desirable working benefits such as flexible hours or learning and development opportunities, financial institutions have been comparably slow to react to new workplace demands.
Do you remember when banking meant wasting time queueing in-branch, or poring over paper statements? Thankfully, the industry has come a long way since then. Today, managing your finances is as easy as logging in to an app; and opening an account is as simple as verifying your identity with a selfie.
If you had asked me 10 – even five – years ago if I could imagine the day would come when I could quite easily open up a bank account online, I probably would have just laughed it off.