Financial Trends for 2018:
This year’s global financial trends predictions speak directly to how millenniums and entrepreneurs want to spend less time fighting past the traditional banking models, to focus on what they really need and want. In a recent article published by Business News Daily, FinGo found some interesting predictions on how millennials and new age entrepreneurs want to move their cash, do their banking, but also highlights that they need to be more aware of risks associated with online banking. https://www.businessnewsdaily.com/7605-business-trend-predictions.html
Banking models will begin a radical shift: “Millennials want to bank wherever they want and whenever they want, which does not align with the traditional banking model. It’s predicted that digital banking will grow to more than 2 billion users by 2020. As a result of this shift, the traditional brick-and-mortar banking solution will be replaced with a technology first-mind-set. In essence, your wallet will be your phone.” – Dave Mitchell, president of NYMBUS
Yolande Geldenhuys, Operations Manager at FinGo agrees. “Digital banking is the future. We have experienced an increase in demand from entrepreneurs seeking more agile options as opposed to services offered by traditional banking organisations. Millennials are not afraid to explore alternatives and prefer the convenience of being able to manage their payment and financial systems from anywhere at any time. Furthermore, traditional banks are associated with mountains of red tape, expensive transaction fees and impersonal service”.
Speed is key in modern banking: “The banking channel will strive for speed. Lending, banking services, statement processing and other banking channel players are scrambling to get online and get faster. We expect the scramble to continue as the industry seeks to eliminate middle men – like brokers – and better serve their customers.” – Vernon Tirey, co-founder and CEO of LeaseQ.
Geldenhuys adds “It has become non-negotiable for business owners and entrepreneurs to navigate their way through mountains of paper like in the old days. Online is the only way to go and the faster the platform, the better. A Hybrid solution such as payments, debit order collections, managing invoices and cashbooks, from one online platform is the key to modern versatile banking”.
Mobile banking means more mobile cyberattacks: “All are experiencing a big increase in attacks on their mobile banking and transactions. Expect that to continue. Approximately 80 percent of financial institutions’ customers are doing online banking, 50% are on mobile and that’s growing. More customers equals more opportunity for attacks.” – John Gunn, CMO of VASCO Data Security
“Yes, there is a definite increase in the demand for banking, processing payments and managing finances from online and mobile platforms. Security is so important and it’s critical to stay ahead of the latest attacks. Entrepreneurs looking to engage with a third party payment provider should check that they have SSL (Secured Sockets Layer) to ensure all data submitted is encrypted and secure” says Geldenhuys.