Top Digital Banking Trends to Watch in 2023
- Elsa Barron
- Jun 6, 2023
- 1 min read
In the financial sector, there is a paradigm shift in the adoption of technology. The adoption of digital habits in daily operations is posing new difficulties and opportunities in numerous industries, including banking. While digitization in the banking sector has already begun, it is finally gaining up steam as a new wave of competition among banking service providers emerges. Because of the growing importance of digital payments, banks are currently facing unprecedented threats from non-bank competitors as well as digital-only institutions. By 2025, 71.7% of all payments in India will be digital.
However, how are financial institutions reacting to evolving digital revolutions, and how are they affecting all aspects of banking?
Will the sector be shaped by digital payments and banking change in 2023 and beyond?
What challenges will banks face on their route to success?
To keep up with the fast-changing financial industry, institutions must address existing difficulties while also providing active client experiences through creative methods and frameworks.
2023 Transformative Digital Banking Trends
The year 2023 is expected to see an increase in the use of modern technologies such as artificial intelligence (AI) and machine learning (ML), which will enable banks to engage with their customers more simply. Furthermore, rising consumer demand for digital commodities in the metaverse is one of the next trends in the banking business. With the rapid growth of digital payment, some of the key themes to watch for in 2023 are as follows:
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