Global Finance and Money Transfer

  Businesses and consumers are reverting to their pre-pandemic patterns, but there is a change in their behaviours. Now banking customers are visiting less to banks because they have an online or mobile banking feature at their disposal. As a result, the drive to digitisation highlights the perks of online banking, with 46% of United States consumers converting "digital shifters." Only 9% of former branch loyalists said they visited a branch more since the pandemic started. Customers are enthusiastic to try new technology. However, the acceptance is not the same for older generations due to hesitation to embrace fully digital financial profiles. Unfortunately, banks and other financial institutions (FIs) lost their trust during the 2020 digital shift, which may be attributed to the dehumanisation of the banking space. According to the study, banks adopt personalised digital banking channels to retain customer satisfaction while growing digitally. “55% portion of the consumer ...

Investments in technology are increasing at a rapid pace across the financial services sector. The desire to cut costs for customers, improve compliance across the domain and enhance customer service and productivity drives all these investments. As the predictable and uniform state of financial services in the pre-crisis times has eroded, new challenges have emerged for traditional financial institutions. Established financial services had to evolve with increased agility to enhance business performance to stay relevant. Since then, new start-ups have transformed the industry structure by introducing their innovative digital products and services that challenged the traditional status quo. Such a solution's disruptive nature has had a severe impact across products, services, delivery models, consumer engagement, business models and existing infrastructure . Fighting the Crisis of 2008 The financial crisis of 2008 was the moment of truth for the financial services sector. Inadequat...