Digitizing the Financial Industry [INFOGRAPHIC]

December 1, 2015
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Financial Industry 2.0

 

The world around us is changing at the rapid speed. While it is quite easy to see the changes in the regular consumer products that we use now and that we were using a few decades ago, the patterns in the consumer finance are much harder to observe. Yet they are here. The infographics above explains how the financial industry is changing over the course of last few years.

Financial Industry 2.0

 

The world around us is changing at the rapid speed. While it is quite easy to see the changes in the regular consumer products that we use now and that we were using a few decades ago, the patterns in the consumer finance are much harder to observe. Yet they are here. The infographics above explains how the financial industry is changing over the course of last few years.

The first part displays the map of Europe and shows to what degree the technology in finance matters nowadays. In UK alone, nearly 1Bn pounds is turned over the Internet banking daily. When going North, we can see out of 100 bank branches in Finland for 2008 there were already 85 left in 2012. A county that sets the Internet as human right certainly seems to get much more benefits from the online than from the offline when it comes to banking. Rest of the figures only highlight the penetration of the Internet in our lives and its impact on the way we manage our finances online. 

In such countries as Iceland, Sweden and Estonia, the penetration of Internet banking services is just enormous. Over 9 out of 10 Icelenders logged into their banks online branch at least once during the last year.

Next to this, we can see a trend of preferring online means of communication, execution and verification to regular branch visits or phone talks.

So what makes Internet banking so popular?

It is definitely the convenince it brings, as you can control your finances from the comfort of your couch. Next to this, it is an ubreachable level of security that makes the users feel protected due to the encrypted connections, banking tokens and more. Finally, it is simply a trend of moving everything online, starting from such things as your photos and your music, and going as far as your tax information.

But thep progress never stops. Even though Internet banking services are strongly adopted in some countries, the penetration of online branches in some lands is not as quick as it could have been. However, such data aggregation technologies as Kontomatik API for Banks are here to enable a faster adoption of having your finances in the cloud and making the whole process more benefitical.