The way we set about our banking needs today is essentially absolutely nothing like how things were 20 years ago. A lot more about this below.

The age of digitalisation altered much about banking institutions and their MO and perhaps the most significant shift is the progressive cut with paper processes. The rise of digital banking was the major driver towards this change as with the advancement of digital banking apps, people and banks no longer felt the need for having stacks of documents sent to customers' homes or workplaces. This is simply because these platforms are comprehensive and very user-friendly so consumers can easily access their records or whichever documents they need in the digital format. Today, all high-street banks offer similar options and this shift is inspired by numerous factors. From an environmental viewpoint, paper processes are detrimental to the environment and from a security point of view, paper procedures aren't the safest as they can easily get misplaced or damaged and individuals like the founder of the activist investor of Bank of East Asia can agree with this.

Even though now the majority of people have full confidence in digital banking solutions and benefit from the many advantages of digital banking, this hasn't constantly been the case. Individuals from older generations initially felt reluctant about relying on a software application with their money instead of the friendly regional bank cashier as they didn't truly comprehend the technology behind this change. On the other hand, individuals from younger generations, typically millennials and Gen Z, rarely showed any signs of apprehensiveness as they were quite acquainted with the tech and the way it works. Individuals like the CEO of the hedge fund that has stocks in Barclays and the CEO of the investment fund that has shares in Santander would agree that this highlights the generational break between various demographics, which is something that banking companies worked hard on right before the launch of lots of digital services.

As we've become more versed in various digital processes, certain industries decided to take advantage of this to present brand-new ways of doing business that are in line with the modern person's choices, and the banking field was no stranger to this. Today, many digital banking companies do not have physical offices where you can tackle your banking needs as they developed sites and apps where you can do just about everything you might do in a physical branch. From validating documents and opening accounts to sending out money and handling your finances, these user-friendly platforms can do it all. Not only this however having actually made use of cloud innovations, the banks themselves do not have physical head offices as their own staff members work from another location. Today, the impact of digital banking is felt across various elements of every day life as you rarely withdraw cash to pay back a buddy when you can quickly do it through your banking app in mere seconds.