“Big tech has already, largely, mastered the Open Source way, using it as the backbone of much modern technology, making Foundations like the Linux Foundation or the Apache Software Foundation the largest shared technology investments in the world.”
The total number of digital banking users will exceed 3.6 billion by 2024 — that’s up from 2.4 billion in 2020 and a 54 percent increase, according to the latest worldwide market study by Juniper Research.
A global group of central banks from the United Kingdom, the eurozone, Japan, Sweden and Switzerland assisted by the Bank for International Settlements (BIS) are pooling their research and experiences in the pursuit of a central bank digital currency (CBDC).
The digital payment era is here. Record numbers of online payments are being processed. And, nearly half the world will be using digital wallets by 2024, with transaction values to increase by almost 60 percent reaching over $9 trillion, according to Juniper Research.
Today’s banks are losing employees not only to other banks, but also to techfin firms. Amazon, Apple, Facebook, and Google are all making forays into banking, and they’re always on the lookout for people who can help their engineering teams understand the financial payments and risk disciplines.
via Everest Group
“As we begin a new decade, the banking industry is trying to adjust business models to reflect a more digital ecosystem. Unfortunately, this year’s Retail Banking Trends and Priorities research findings don’t reflect the urgency for change needed in the banking ecosystem.”
According to Juniper, the SSI movement which uses blockchain to give users direct control of who accesses their online credentials will reach annual revenue of $1.1 billion by 2024 — that’s up from an estimated $100 million by the end of 2020.
Artificial intelligence (AI) is in the process of transforming a variety of models in the global financial services industry, a global survey jointly conducted by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and the World Economic Forum suggests.
Contactless transactions at POS are increasingly displacing cash in multiple markets. The study found that the average value per contactless transaction will grow from under $19 in 2019 to over $23 in 2024, with mobile payments and increasing contactless card issuance in the U.S. driving transaction growth.
The global mobile banking market reached $715.3 million in 2018 and is projected to reach $1,824.7 million by 2026, growing at a CAGR of 12.2% from 2019 to 2026. The customer-to-business segment is the fastest growing.