Explore what the future of banking has in store technology-wise.
The banking sector is in peril. By 2029, Millennial and Gen Z consumers will hold the largest share of disposable income. Meanwhile, the unbanked (and underbanked) demographics present a multi-billion-dollar opportunity.
But despite the burgeoning digitalization in banking, too few players are ready to cater to these rising and highly vocal groups.
To help you prepare for the new banking technology innovations, we did some discrete listening and collected Voice of Customer data along with social and economic insights that you can use to shape your digital transformation strategy.
From this look into future technology in the banking industry, you’ll learn:
The global financial landscape is entering a new age. Banking as a service becomes popular mainly thanks to the preference of tech-savvy generations for seamless, simple, and comprehensive platform banking.
Understanding the unique needs and aspirations of your target audiences — the notorious Millennials, often misrepresented Gen Zs, and largely ignored unbanked consumers — and aligning your product development roadmap to these demographics is the key to staying competitive in 2025–2030.
The adoption of new technology in banking also implies major changes to existing software architectures, operational processes, and business models. In preparing this white paper, we’ve done some of the heavy lifting for you and have formulated new banking business models to focus on.
Rapidly acquire users with a credit offering. Fast time to market (under 7 months). Favorable regulatory landscape.
Offer a no-fee debit card paired with a basic bank account to attract a critical mass of early users. Most FinTech unicorns have chosen this route.
Launch with a banking license. The cost and challenges of obtaining one will be majorly offset by higher product development capacity, lower operational costs, and bigger profit margins.
Choosing the right BaaS business model is only part of the deal. Figuring out the right technical strategy is another. Or is it?
In the final section of our white paper, we provide a five-step product development framework for building a digital bank. Skip the buzzwords and get to know which new banking technology can give your business an edge. Enjoy a quick preview below!