International Journal of Banking, Risk and Insurance

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Changing the Face of Banking – What the Future Holds!


     

   Subscribe/Renew Journal


Changing economic rhythm is forcing banks and banking to change; the future uncertainty is creating several questions as to what the structure of banking should be and how most of the banks will decide their competitive posture in these turbulent times. This paper makes an attempt to present some of the major trends or to highlight some changes that will be adopted soon by the banks, to become more efficient as well as to effectively face the challenges of frequently fluctuating economic tides. Banks and banking as we have seen and experienced might not exist in the near future, and the next generation of banking customers might grow with a much different experience. Some of these expected changes are already visible on horizon and may soon become a full-fledged reality in next 5 years. Technology would play the biggest role in changing the face of banking as we know it today.

Keywords

Banking, Economic Cycle, Alternate Channels, Banking Operations.
Subscription Login to verify subscription
User
Notifications
Font Size


  • Al-Rfou, A. N. (2013). The usage of internet banking: Evidence from Jordan. Asian Economic and Financial Review, 3(5), 614-623.

  • Bayrakdaroğlu, A. (2012). A field study for factors effecting individuals usage of internet banking. Business and Economics Research Journal, 3(4), 57-75.

  • Botta, A., Digiacomo, N., Höll, R., & Oakes, L. (2018, January 24). PSD2: Taking advantage of open-banking disruption. Retrieved from https://www.mckinsey.com/industries/financial-services/our-insights/psd2-taking-advantage-of-open-banking-disruption

  • Dietz, M., Hamvai, R., Jenkins, P., Radnai, M., & Yee, M. (2018, June). Deep insights, broad solutions: How banks can win in the vast housing ecosystem. Retrieved from McKinsey.com

  • Florian E., Burke, D., & Mero, J. (2004). The money machines: The humble ATM revolutionized the way we deal with money and turned global commerce into a 24/7 affair. Retrieved February 27, 2020, from https://archive.fortune.com/magazines/fortune/fortune_archive/2004/07/26/377172/index.htm

  • McKinsey & Company. (2019). The last pit stop? The time for bold late-cycle moves: McKinsey global banking annual review 2019.

  • McKinsey & Company (2012, October). The triple transformation: Achieving a sustainable model. Financial Institutions Group. 2nd McKinsey Annual Review on the Banking Industry. Retrieved March 5, 2020, from http://money.cnn.com/magazines/fortune/fortune_archive/2004/07/26/377172/

  • Rizzi, W., & Taraporevala, Z. (2019, January). The balancing act: Omnichannel excellence in retail banking. Retrieved from McKinsey.com

  • Uppal, R. K., & Chawla, R. (2009). E-delivery channel-based banking services: An empirical study. The Indian Journal of Management Research, 8(7), 7-33.


Abstract Views: 129

PDF Views: 0




  • Changing the Face of Banking – What the Future Holds!

Abstract Views: 129  |  PDF Views: 0

Authors

Abstract


Changing economic rhythm is forcing banks and banking to change; the future uncertainty is creating several questions as to what the structure of banking should be and how most of the banks will decide their competitive posture in these turbulent times. This paper makes an attempt to present some of the major trends or to highlight some changes that will be adopted soon by the banks, to become more efficient as well as to effectively face the challenges of frequently fluctuating economic tides. Banks and banking as we have seen and experienced might not exist in the near future, and the next generation of banking customers might grow with a much different experience. Some of these expected changes are already visible on horizon and may soon become a full-fledged reality in next 5 years. Technology would play the biggest role in changing the face of banking as we know it today.

Keywords


Banking, Economic Cycle, Alternate Channels, Banking Operations.

References