It is 2023 and banking and telecommunications are two industries that are converging rapidly. As technology continues to advance, banks and telecom companies are finding new ways to partner to offer innovative services to their customers. Several key trends will shape the future of banking in telecommunications:
- Conversational Banking: By 2025, conversational banking will account for over $13 billion in annual cost savings for banks worldwide, according to Juniper Research. Messaging services and chatbots will handle up to 90% of simple customer inquiries.
- Decentralization: The global DeFi market reached $80 billion in early 2020 and is projected to grow to over $800 billion by 2025, according to Crypto.com. Blockchain-based payments are expected to account for over $4.5 trillion in transactions by 2023, reports ACI Worldwide.
- Digitization: Over 4 billion people worldwide will have mobile internet connectivity by 2025, enabling a new generation of mobile financial services, according to GSMA. Nearly a third of global GDP will be digital by 2025, reports the World Economic Forum.
- Integration: By 2025, 40% of telecommunications operators will have a banking license, and 20% of banks will have a telecommunications license, according to KPMG. Mergers and joint ventures between banks and telecoms will accelerate new “digibank” models.
- Democratization: Advanced analytics and AI will enable hyper-personalized banking services for over 3 billion underbanked customers in emerging markets, according to McKinsey. Partnerships with mobile operators will drive mobile money adoption.
In summary, the future of banking in the telecommunications context will be influenced by key trends including conversational banking, decentralization, digitization, integration and democratization. Banks will need to adapt to these emerging trends to remain relevant in a constantly evolving market.
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