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,
It’s a fact. The exponential growth of data directly impacts financial institutions’ ability to do business efficiently. And there’s no sign of that growth slowing down, with IDC conservatively predicting a 26% CAGR data growth in financial services companies between 2018-2025.
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.