How far can we go with banking?

The future of banking, what can we expect?

Hundreds of years ago, the bank held an elevated position within the community. Often situated in luxurious buildings to highlight their importance, now the idea of face-to-face banking is somewhat non-existent. With the digital age well and truly happening, banks are now looking at how to work with the masses rather than the masses fit in with them.

Of course, there are still flaws with the banking system, but it is how banks are looking to change their approach which is important. While age old principles may stay in place how they communicate to their customers is another topic.

This is where technology can come into play. By having access to more digital data, banks are hoping to reach out to their customer platform with personalised banking. Essentially giving each user a tailored approach to their banking.

However, on another level with the rise of the Metaverse, some banks are looking to using this virtual reality space to provide a personal touch to banking at the end user’s connivence.  This evolution of banking aims to capture a younger demographic of those more in touch with the functions of VR and AI in which digital access is preferable.

Although these concepts may just be that at present, who is to say that long-term, banking may evolve to be even more than we imagined?

Images courtesy of Unsplash.