Technology has impacted the stalwarts of the industry and traditional banking is no exception. No one could have predicted the transition from traditional to digital banking a few years ago and now countries are considering going fully digital in the next one to two years.
Smartphones becoming an everyday commodity has transpired the change from traditional to digital banking along with other contributing factors. Bitcoin first came into the limelight in 2009 and everyone brushed off the idea instantly terming it another fad.
The last five years have seen immense evolution in banking trends and Fintech has come out to the industry to look out for in 2022. 3 out of 4 people have used a fintech service worldwide. What makes people opt for the ever evolving fintech services? Read Here
As someone that has worked around (and sometimes inside) banks for the past 25 years, I always find it fascinating. What people inside the banks think that customers want are often misaligned and what the customers think the people in the banks do is also often misunderstood. It's no wonder that banks are being targeted.
A big problem from the technology standpoint is that despite billions of dollars and many decades spent on computerisation of the banks, they still settle everything overnight, often over a period of several days if it's inter-bank, which basically demonstrates that they didn't change the underlying processes, but just automated the horse and carriage methodology of the 1800s.
Add to this the fact that they use a lot of latin with the end customer, instead of modern easy to understand language, as well as themselves (vostro/nostro accounts for example), it's like they've rooted themselves in tradition to the point that they can't see there's a better way of doing things.
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