In recent years, the bank has considerably changed how digital and mobile banks have revolutionized the financial management of people. Customers no longer have to opt for each transaction to a real banking branch. With only a few taps on their smartphones every day, individuals can check their sales, move money, pay bills and even ask for loans. Technological progress, the increase in demand from convenience consumers and the need for protection and reliable financial tools lead this transition to the digital bank.
Traditional financial institutions are changing to meet new expectations as digital banks, online banking platforms and mobile banking applications are increasing in complexity. In addition, the change has opened the door to developments in financial technology, which allow different newcomers to the industry to provide services contesting those of typical banks. Knowing why people turn to digital bank and the advantages and difficulties involved as well as the reaction of financial institutions will help us predict the future of the bank.
