11 financial experts predict big changes in the banking industry

11 financial experts predict big changes in the banking industry

From fintech to DeFi, the once-static banking industry is facing a wave of change. Traditional financial institutions are now operating side-by-side with a new generation of online financial service providers, and the Covid-19 pandemic has only increased the pressure on banks to expand their digital offerings. The rise of technology, in turn, is likely to lead to changes in procedures and regulations in the financial sector. Below, 11 members of share how they see the banking industry evolving over the next five years. I expect to see a significant diversification of the offerings. With interest rates so low and a depressed economy due to Covid-19, many banks are in trouble. Smart banks will be looking for new sources of revenue from services or products that they don’t offer today. This will force bank executives to think outside their traditional boundaries. Those who innovate will earn customer loyalty and financial rewards. – Digital currencies absorb more and more money from the traditional monetary system. Financial solutions built within the decentralized financial ecosystem, such as digital lending, arbitrage trading, digital finance solutions such as STOs and ICOs, and asset tokenization, directly attack revenue streams traditional banks and take business away from them. -,

Highlights

  • According to Forbes, “11 financial experts predict big changes in the banking industry.”
  • The rise of technology, in turn, is likely to lead to changes in procedures and regulations in the financial sector. Below, 11 members of share how they see the banking industry evolving over the next five years.

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