BFC Bulletins Monthly News Digest
Tags Digital Banking Digital Transformation
The results of a recent survey conducted in Russia show that a majority (75%) of independent experts and banking association members believe that all retail banking will move to the medium of online space within a period of 20 years, with 33% believing that this will happen within the next 5-10 years. The survey also found 63% of respondents believe that the growth of person-to-person (P2) transactions and the displacement of credit institutions from monetary circulation will significantly impact banking business in the future, with a further 12% holding that it will only have a slight impact. Furthermore, 83% believe that artificial intelligence with have an important role in the future of banking, while 17% believe it will only be moderately important.
Interestingly, the survey was inconclusive on the fate of cryptocurrencies, with many respondents stating that strong volatility and problems with legalization in many countries leaves its future uncertain.
