One of the oldest industries in the world, banking is one that is deeply rooted in tradition. While legal tender has since evolved from gold and silver, many banks still maintain individual safes and have large, overall, reserves for their operations.
However, as just about every other industry has gone digital, many consumers now expect more from their banks. With that, many financial institutions have been forced to adapt, with those fully embracing digital disruption emerging as leaders in both the old banking and the newer fintech industries.
Mobile Banking
One of the most significant changes brought about by the continued emergence of new technology is the shift towards mobile banking.
Today, more and more people are using their smartphones and tablets to manage their finances. This has led to a surge in mobile banking apps, which provide customers with a range of convenient and accessible banking services.
With mobile banking, customers can check their account balances, make payments, transfer funds, and even apply for loans, all from the comfort of their own homes.
According to Vantage Market Research, the global mobile banking market was valued at $772.96 million in 2022 and is projected to grow to $1873.23 million by the year 2030. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.70% over the forecast period, an indicator about how much it continues to expand traditional banking.
Fintech
Leveraging technology to provide innovative financial services, such as peer-to-peer lending, robo-advisory, and cryptocurrency trading, fintech companies have also continued to disrupt the traditional banking industry by offering faster, cheaper, and more accessible financial services.
Traditional banks have responded to this by embracing technology themselves. Many banks now offer their own mobile banking apps and have either partnered with or invested in fintech companies to stay competitive.
Both have also adopted artificial intelligence and machine learning to better understand customer behavior and offer personalized financial services.
According to the Fintech Q1 2023 report of Dealroom.co, fintech continues to be the most invested industry in the world behind enterprise software (driven by OpenAI and the rest of generative AI), with over $14 billion in funding. Although this fell short of what the fintech industry earned in 2021 and 2022, it still goes to show that the emerging financial technology remains a significantly worthwhile investment.
The Future is Now
Financial companies that fully embrace technology are emerging as leaders in the industry. These companies are able to offer customers a seamless and convenient banking experience, with a range of innovative financial services that traditional banks may struggle to match. They are also able to offer faster, more efficient services thanks to their use of technology.
One example of a financial company that has embraced technology is Black Banx.
Launched in 2015 by German billionaire Michael Gastauer, Black Banx is a digital banking provider that offers a range of financial solutions and services:
- Private and business Group accounts in 28 FIAT and 2 crypto currencies
- International and inter-platform payments in 28 FIAT and 2 crypto currencies
- Multi Currency Mastercard Debit Card (plastic and metal) + virtual cards
- Real time 24/7 currency exchange and crypto trading services
- Interest bearing savings accounts in EURO, USD, GBP, JPY
By offering innovative services that traditional banks continue to struggle to match, Black Banx has enjoyed rapid growth in its clientele. As of late, over 20 million retail customers and more than 1.5 million business customers use Black Banx for their transactions.
Continuing to digitize at scale, Black Banx presently operates in 180 countries and allows customers to make FIAT and crypto currency transactions to and from almost anywhere in the world. This freedom and flexibility continues to prove to be an attractive banking option for both travelers, remote professionals, and businesses with international operations.
Indeed, technology is rapidly transforming the way in which businesses operate, with a customer focused approach where conventional banking services are being replaced in many areas including payments, private and corporate banking and wealth management. As banking needs to be increasingly international in scope, with products operational on a global scale. Black Banx looks forward to leading a banking evolution that includes improved customer experience, greater convenience and significantly faster and more cost efficient execution of international payments.
For more on the banking solutions by Black Banx technology, or to open a Black Banx account, visit www.blackbanx.com.
