The banking industry faces a number of challenges in a fast-changing digital age that is deeply rooted in technological advances, competition from disrupters, changing expectations and new banking behaviour on the part of younger customers, which are all inter-related. Traditional banks seem to be a little slow in picking up the pace in financial technology and adapting to the changes in this brave new world, which essentially revolves around the use of the smartphone, internet, and general digital technology. Here are several ways Banks can bloom in today’s fintech age:
- Accelerating transformation
- Developing digital platforms
- Offering tailored solutions through big data and analytics
- Adopting new payment trends
- Mobile payments and mobile banking converging
- New peer-to-peer services
- Digital forex and payments solutions serving uniquely African needs
- Digital currencies will find their place and purpose
- Biometric authentication will pull everything together
- Millennial banking
Olatorera Consultancy Limited provides business development services to companies looking to grow, enter or do business in Africa.