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Digital technologies (cloud-based data storage, predictive analytics, machine learning, blockchain, etc.) are changing the fundamentals of business approaches in the financial sector, with leading banks by the minute turning into IT companies with a licence to provide financial services. The consumers are following in lockstep, quickly adapting to changes in the industry. KPMG predicts that brick-and-mortar banks will disappear by 2030 and be replaced by electronic assistants.
The digital revolution is bringing changes to the business models in multiple industries. The financial and banking sector is no exception to that.
Very soon, the technological progress will enable banks to do without staff, branches, cash or even direct engagement of online customers. For example, the IoT development will bring about refrigerators that make food orders and pay for them all by themselves.
The use of advanced technologies in finance increases the ease of doing business, and also improves customer experience.