Question

Discuss this statement; “Banking everywhere, but not at the bank”. *

(10 Marks

Answer 1

Answer)
The mentioned statement defines digital banking where the baking for the users is in their handheld devices on their fingertips and their personal computers etc. The banking system has been re-engineered and digitized in real-time and thus the customers and banks will have to re-imagine the baking accounts, identity, value, investment, and assets that are there in the bank account.

Thus the baking can take place everywhere and not only in the banks. Thus to survive for the banks, they will have to develop the new capabilities, jobs, and skills and thus the future of banking will depend on the new technology such as smart assistants, smart glasses, new things, and new types of payment and credit utility, AI systems to guide customers on daily spending and money-making decisions.

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