The future of digital banking and the perks of improving user experience

In recent years, fintech banks or digital-only banks, have grown in popularity. Digital-only banking is a type of banking without physical branches that only provides banking services such as transactions, financial services, and customer service online or via mobile apps.

Numerous factors have contributed to the emergence of digital-only banking. Accessing online banking services has become simpler thanks to the widespread use of phones and digital technologies. The development of new technologies like artificial intelligence, machine learning, and blockchain has further accelerated the growth of digital-only banking. These innovations allow digital-only banks to provide more complex services such as predictive analytics, personalized financial advising, and fraud detection.

Research from Accenture predicts that the global market for digital-only banking will increase from $3.6 trillion in 2020 to $6.2 trillion in 2025. This represents an average annual growth rate of 10% or higher. According to a global poll conducted by the consulting firm Bain, 95% of consumers intend to adopt digital banking after the epidemic.

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