Business: After the Corona epidemic, digital work has increased rapidly in all sectors. Along with this, digital and contactless transactions have also increased significantly. This has also affected the banking sector. According to a report by Alkami Technology, currently 78 percent of consumers are preferring digital banking. These consumers do digital banking through mobile app or website.

Highlights of the report:

• Cashless transactions of more than 80 percent of financial institutions have increased during the last two years.
• More than 60 percent of financial institutions witnessed an increase of more than 20 percent in cashless transactions.
• In the last three years, 50 percent of banks have entered into agreements with FinTech to provide digital services.

Increased digital connectivity with banks

According to the report, even though people's visits to banks and transactions have decreased, their digital contact with banks has increased. Customers who have adopted mobile and digital banking are now in more contact with banks on a daily basis.

Those who can make the best use of data and meet the fast-changing needs of digital consumers will lead the banking sector in the future. More and more people are adopting digital banking. Its effect is also visible in that now the number of people visiting ATMs and banks is decreasing significantly.