The world is changing with a tremendous speed and so are the changes taking place in the global economy and the financial sector. With the rate of the changes occurring, the professionals and the big minds in the financial sectors and the investment banking sectors are now predicting the future of the global economical world. These predictions are all based on the previous performances and the upcoming technologies in the next 20 years.
With the increasing competition and the development of the technology and the involvement of the technology into the financial sector, the economy is subjected to some major discoveries and changes.
The predictions made for the financial industry in the coming 20 years
With the proper understanding of the direction in which the financial world is heading towards now, few predictions have been made for the next 20 years by the financial experts. Here are some of these predictions –
- The collaboration with the financial technology will be the ruling feature for the financial industry all over the world. The technology has been getting involved with the financial industry and improvising them but, there is more scope for the fintech to spread its arms in the financial sector.
- The banking will be more fragmented. It will help the customers to build a range of products for themselves from the lot of services that are provided by the various companies.
- The more integrated and a transparent banking system will be created with the help of the financial technology. Everything is becoming digital and thus it will be making the banking and financial sector much more advanced and transparent.
- The banking industry and the financial institutions will get more specialized. The specialization of the banks will not just reduce the human force in the banking industry, but it will also make the whole process completely digital and transparent. Every financial action and transaction can be performed online.
- The market will become more competitive by the association with the fintech and the involvement of the people in the financial industry.
- The global economy will reach at a single platform and everything will be available openly.
- The banks will convert into the marketplaces where the competition is taking place on a wide scale on various business models.
- In the coming future, the banking sector will be reducing the facilities like account opening, lending and payments.
- Every banking and financial service will now be self service.
- The clients and the investors will be much more aware about the financial sectors
- The flexibility will also increase up to a great extent with more context awareness
- Like the mobile banking technology, the blockchain technology will also get very common.
- The financial sectors will be more customers centred.