Much has been said and written about the announced death of retail. While there is no doubt that physical stores have been taking a hit in the last few years, it”s possible to witness a sector where this is quite visible.
Namely, in finance.
If someone is prompted to think about the last time when they set foot in a physical agency of a financial institution (with the exception of getting access to an ATM, that is), it”s probably going to be difficult to pinpoint the event.
This isn”t such a small observance, either. In the not so distant past, handling money matters involved routine visits to the institutions that served people. Today, the existence of digital services and financial marketplaces that provide access to a variety of products (such as Iban Wallet) is seen with naturality.
The answer to the question “How does this happen?” takes a single word: evolution. Particularly speaking of technological evolution.
Going back to the ATM (with once necessary to fully spell out as the automatic teller machine) – this is a piece of technology that is so widespread, so ubiquitous and for some generations something that was always there that it is difficult not to take it for granted.
And yet, it has only been around since 1967, a mere 54 years ago. And it was absolutely revolutionary.
That is the great effect of technological evolution. Step by step, it introduces changes in people”s way of life in such a way that in a few years they can be fundamentally different – and not even notice it.
More than that, as it leaps and bounds forward, technological innovation becomes more accessible and opens new doors and opportunities for a greater number of people. Looking 10 years back, it seems hard to even consider the existence of investing products with projected rates up to 6%, extensive flexibility for withdrawals, no-fee options and available from just EUR1. Today, those can be found on Iban Wallet. Not only that, access to innovative solutions on the side of business loans and worldwide transfers can also be found at this marketplace in constant evolution.
Much of this access is possible due to not only increasing efficiency gains, but convenience as well. This combination makes up a path forward that doesn”t look like it will lose momentum anytime soon. In 2020, 2 out of 3 financial transactions were made online, with $50bn being invested yearly in Fintech. And it”s nothing short of amazing that it now takes only $50m to create a new digital bank.
If the path towards a more digitally integrated society was already underway (financial eco-systems included), the global pandemic situation has deeply accelerated it. Out of necessity, digital solutions are adding more and more agility, efficiency and convenience across a multitude of sectors.
Iban Wallet remains committed to being on the forefront of the digital revolution. With ever-expanding ambition, it will remain seeking new and better ways for people to take their money further. Its financial marketplace will continue to get better everyday, bringing financial products that fit people”s lives today and in the times to come. It can be found here.
Keywords:finance, fintech, investments
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