Navigating new financial landscape

The rise of digital banking is reshaping management of our finances, raising questions about the future of traditional banking. Consumers now expect convenience and accessibility for them to handle their money anytime, anywhere. The COVID-19 pandemic accelerated this trend, as many turned to online banking to avoid in-person visits. Fintech companies have emerged with innovative solutions that offer lower fees and user-friendly platforms, attracting tech-savvy users. However, traditional banks continue to play a vital role, providing a sense of security through their established reputations and a wide range of services, including mortgages, investment advice, and regulatory protections.

Rather than signalling the end of traditional banking, we are moving towards a hybrid model that combines the strengths of both digital and traditional banks. Many established institutions are investing in digital transformation to improve customer experiences while maintaining personal interactions. This approach enables them to meet diverse customer needs through virtual consultations and tailored financial solutions. As technology evolves, the financial sector is becoming more integrated and focused on customer preferences, allowing both traditional and digital banking to thrive together. This dynamic landscape promises a future where consumers enjoy greater flexibility and personalised experiences in managing their finances.

Maisha Maliha

North South University

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