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Trends & companies transforming digital banking in 2023

It’s no secret that the banking industry is in the midst of a digital transformation. What may be less clear is where this transformation is heading and which companies are leading the charge.

Przemysław Pala

Sales specialist

Marcin Dobosz

Director of Technology

In this blog post, we’ll explore some of the latest trends in digital banking and highlight some innovative companies transforming the landscape. By understanding where the industry is headed, IT managers can stay ahead of the curve and position their organizations for success. So let’s dive in!


The rise of mobile banking and digital wallets


With mobile banking and digital wallets becoming more commonplace, it’s no wonder that we are living in the digital era. Banks have been at the forefront of mobile technology, allowing customers to keep their finances within reach no matter where they are.  


Mobile banking has revolutionized the way we interact with financial institutions, from mobile payment solutions such as Apple Pay and Google Wallet to touchless ATMs that provide cash on the go. Digital wallets provide a secure storage environment for confidently conducting online transactions and keeping track of one’s money while travelling or working abroad. By embracing mobile technology, banks today are helping customers make fast and convenient decisions about their money – all from their mobile devices.


The decline of traditional banking institutions

The traditional banking landscape is undergoing a massive transformation. With the emergence of digital-first banks and traditional ones focusing increasingly on online services and mobile app experiences, physical branches are becoming a thing of the past.


Consequently, traditional banking institutions are beginning to lose their foothold. Customers have become more comfortable with less traditional institutions offering more convenient solutions. This shift in customer preferences is accelerating the decline of traditional banking, potentially leading to a future where it no longer holds the same level of importance it once had. It’s an interesting development that could become a profitable investment opportunity for those who can embrace it!


The growth of fintech startups

The fintech industry is on the rise, and with it, fintech startups continue to grow exponentially. Over the last decade, fintech has seen tremendous growth, giving entrepreneurs and businesses an innovative way to manage their finances.


Companies are growing their customer base by utilizing digital banking technology. It can provide a better user experience for those who demand more flexibility and convenience. With fintech solving complex problems in finance through artificial intelligence and machine learning, there’s no limit to what can be accomplished in the fintech landscape. Keeping track of money has never been easier or more efficient than it is now, with fintech startups leading the charge.


Companies that change the digital banking landscape in 2023

There are a number of companies that have emerged as leaders in the digital banking space. These companies have been pioneering innovative solutions that make managing money more convenient, secure, and hassle-free for customers.


Here are some of the top innovators leading the way in this space:

  • Chime – A mobile banking app with an integrated rewards program that makes it easier for customers to track their spending and save money.
  • FintechOS – An AI-powered platform that helps banks accelerate their digital transformation with faster, smarter customer experiences.
  • Robinhood – A stock trading app that allows users to buy and sell stocks quickly and easily.
  • Monzo – A mobile banking app that simplifies budgeting and money management through its features, such as smart notifications and spending caps.
  • N26 – A digital bank that provides an intuitive user experience, allowing customers to manage their finances from anywhere in the world. Some more examples include Plaid, Revolut, and Square Cash.

These companies have been making waves in the industry, leading the way toward a new era of digital banking and financial innovation. We can only expect others to follow in their footsteps as more companies adopt cutting-edge technologies to make managing money easier for everyone. 


The impact of AI and machine learning on banking

With the rapid advances in Artificial Intelligence (AI) and machine learning, the banking industry is undergoing unprecedented change.


AI-powered automation can transform how customers interact with financial institutions and how banks conduct their operations. For example, banks can leverage machine learning algorithms to generate timely insights that inform decision-making, enabling them to anticipate customer needs and better manage risk.

In addition, AI’s predictive capabilities could mean more effective fraud prevention practices and improved customer service. Ultimately, AI and machine learning promise to change banking by creating a more efficient, cost-effective, personalized, and secure experience for customers—and transforming the industry as a whole.


The importance of data security in the digital age

In the digital age, data security is more important than ever. Hackers now have sophisticated methods to breach our personal data and financial accounts, so it’s no surprise that our security leaders are warning of an increase in cyber incidents.


But the risks don’t just relate to individual users – large and small companies must also guard customer data to comply with regulations and maintain customer trust.

In this new reality, properly managing data has become an essential priority, as organizations everywhere recognize just how vulnerable our networks are. With technology rapidly evolving and threats ever-present, practicing good data hygiene is a high-stakes game. The only way for us all to remain secure is to stay one step ahead at all times.


How Neontri operates in the digital banking world

We have plenty of experience designing and implementing innovative payment products and services. We also specialize in developing mobile apps for banks and financial institutions, as well as delivering complex integrations operating in big data environments.


Our offer is comprehensive. Years of experience in highly diverse projects allow us to provide comprehensive consulting services, responding to the needs of different entities of the financial sector as banks-issuers, settlement agents, and other institutions operating in the payment market. We are experts in building and maintaining complex IT systems.

Do you want to know a bit more? Check out our case study on how we managed to create a mobile banking application targeted at corporate clients in 7 months.


The future of digital banking in 2023 and beyond

In 2023, digital banking will constantly evolve as innovative ideas and cutting-edge technologies change how we think about money management.


We can expect a world of more customized services, with banks utilizing artificial intelligence (AI) and machine learning to deliver smarter recommendations based on user behavior. Users will have unprecedented control over their data and will be able to optimize their banking experience from any device. Furthermore, heightened security measures combined with advanced fraud detection systems will enable people to trust digital banking more than ever before. All in all, banks that embrace the future will be able to win the loyalty of customers for years to come.


Here you can find our abbreviated list of this article’s summary:

  1. Fintech startups continue to grow exponentially, utilizing digital banking technology for a better customer experience.
  2. Artificial Intelligence (AI) and machine learning can revolutionize the banking industry by creating a more efficient, cost-effective, personalized, and secure experience.
  3. Data security is of utmost importance in the digital age due to the sophisticated methods hackers use to obtain our personal data and financial accounts.
  4. In 2023, digital banking will keep on evolving, with users having unprecedented control over their data and access to smarter recommendations based on user behavior.
  5. Enhanced security measures combined with advanced fraud detection systems will enable customers to trust digital banking more than ever. 
  6. Banks that embrace digital banking technology will be able to win the loyalty of customers for years to come.
  7. Digital banking is here to stay, and its importance will only continue to grow as we move into the future.


Digital banking is slowly but surely becoming the new standard all around the world. People from developing to first-world nations are ditching traditional brick-and-mortar banks in favor of digital options that offer more convenience, security, and accessibility. In this blog post, we’ve looked at some of the key reasons behind this shift and what the future of digital banking might look like. If you’re interested in learning more about how mobile banking can benefit your business or individual needs, don’t hesitate to reach out to us. We can help you figure out how to take advantage of this growing trend.


Thanks for reading!


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