Is banking a dying industry?
Traditional banks are not dying.
That is, if they are willing to change and adapt to the needs of customers.”.
How large is the banking industry?
Banking: By the end of 2018, the U.S. banking system had $17.9 trillion in assets and a net income of $236.8 billion. The sector supports the world’s largest economy with the greatest diversity in banking institutions and concentration of private credit anywhere in the world.
What should banks focus on?
In 2020 and beyond, banks should focus on innovation of customer experience. This holds true for both retail and commercial banks. Increased competition and changing demands are forcing banks to focus more heavily on the customer journey.
How is the banking industry changing?
India’s banking sector has undergone a paradigm shift in the past two decades―evolving from physical banking to becoming digital anchors. It has witnessed a transition from the simple automation of paperwork in bank branches to today’s branchless banking paradigms that use new-age contactless technologies.
What are the new trends in banking?
The banking industry is on the cusp of adopting digitization and new-age technologies. This year (2020), digital technologies such as artificial intelligence and machine learning have enthusiastically been adopted by the industry to address the challenges brought about by COVID-19.