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The rise of the Internet and the spread of smartphones is, together, perhaps the single most powerful force of economic change ever at any point in history.
Not only are millions of people getting connected to the wider world for the first time, but also businesses are able to get up and off of the ground with little to no investment in brick-and-mortar, traditional locations. In other words, the digital era is one of opportunity and promise.
But it is also one that is still only at the very beginning of its growth trajectory.
Naturally, all of this is made possible thanks to digital banking services and digital payments to vendors and clients across the globe.
Digital banking offers fast, efficient, and cost-effective solutions to the same problems that were formerly the exclusive domain of larger banks in the traditional economy. Yet they are quite different and their promise something else entirely.
Here are five ways digital banking is not only transforming but also revolutionizing the global economy:
1. Bespoke, Scalable Banking Services
Whereas the traditional financial sector largely offered one-size-fits-all programs for businesses and, to some extent, consumers, the future is about customized yet scalable solutions for both segments. This also welcomes smaller players into the market such as regional banks and even online-only plays. While the traditional economy was often targeted and centered on larger, powerful institutions, the banking of the future will be much more diversified in terms of services.
2. Safe International Transactions
One of the largest problems with digital payments right now is that international transactions are sometimes more fraught with problems regarding fraud and security than others. This will largely disappear as a problem in the future as multi-point verification systems and advanced artificial intelligence (AI) detects and roots out fraud more efficiently than ever before.
3. New Digital Payments Services for Businesses and Consumers
At one point in the not too distant past, debit cards were considered an exotic form of payment. Now, with a number of companies advancing forward in the global fintech arena, the payments game is much different online. New types of digital payments solutions will dominate in the future and most will be customized to industry-specific or even company-specific needs.
4. Digital Payments via Digital Currency
Bitcoin and Litecoin are not just for speculation: Currencies like them could become a major part of digital payments in the future. Like novel payments solutions, digital currency is just one other way that the global market is becoming more accessible to merchants and consumers on multiple fronts. Digital banking focused on digital currencies will also become more common in the near future.
5. Growth of Niche Markets
As novel and new payment solutions are developed, it is also expected that the continued segmentation of major markets will also proceed. While big-box solutions like Walmart and Amazon will continue to dominate their respective spheres, smaller niche shops are also expected to thrive with social-media-based online shopping expected to show some of the most impressive growth of them all.
6. One platform. Multiple banks.
The team of Monneo is constantly striving to stay ahead of the market trends and first to offer set and scope of services which enable our current and potential clients to be the market makers of tomorrow.
For years we have embarked on a mission to support our clients and business in the digital advancements and economic growth directions mentioned above. Our services have proven over the years as a reliable and secure tool of digital banking solutions to companies operating in sectors like health and beauty, skill games, subscription-based businesses, online dating, and others.
The team of Monneo holds an excellent level of expertise and years of experience when it comes to digital banking solutions. If you are interested to learn more please use the contact form below to request any additional information you may need.