Our Prediction Of Top 3 Banking Trends For 2021
2020 was a challenging yet exciting year for the banking industry. The year of an ongoing pandemic is bought certain dramatic changes in the sector. The banks saw liquidity crisis, low credit demand, and massive defaults. Bankers went through many challenges, and we expect some transformational banking trends made for the industry in the next decade.
Before the onset of a deadly virus globally, 2020 was predicted to be the year of transformation for the banking industry. The shift towards digitalization reflected a practical need for more efficient operations and increased pressures for banks to boost their equities. Meanwhile, systems like Open Banking (that allow third-party applications to access bank accounts) were already disrupting the industry by splitting the value chain into distribution, manufacturing, and increasing competition from new entrants such as Google, Amazon, Apple, and Facebook.
