How Does the Banking System Look Like in 2021?

More often than not, the banking system makes headlines for not so good reasons. A couple of weeks ago, the U.N. warned that the Libyan banking system was at a considerable risk of collapsing. Even when the cryptocurrencies were gaining traction, they were billed as possible replacements for the old banking system. Fast forward a good few years, and the banking system is still the answer, satisfying the financial service needs of billions of people.

While the banking system shows no signs of going away, it is undoubtedly going through a revolution. With many new features, effortless payment systems, online trading opportunities, inexpensive foreign transfers, and so on, many new banks are putting up a much more significant challenge to the banking traditions than any outsiders. And in the meantime, the average banker wins. Moreover, it is easier than ever to open bank accounts, especially if you choose a fintech brand. Anyways, let’s take a deeper look into the banking system of 2021 and what it means for you as a client below.

Banking Right at Your Fingertips

Like in the old days, a customer no longer has to wait in line to perform simple tasks like depositing and withdrawing money. With some banks, customers don’t usually need to visit a physical branch to perform most banking activities, if not all. Whether it’s opening a new account, depositing and transferring money, paying online, everything can be done from an app on your smartphone. As long as you have an eligible device and an internet connection, you should expect your bank to deliver everything online in 2021. Well, you may still have to visit ATM booths to withdraw money, but society is gradually heading toward cashless solutions anyway.

One Bank Account for Many Purposes

Thanks to the fintech banks like Fineco UK, you no longer have to open and maintain multiple accounts for different monetary needs. Instead, you can perform all your activities from a single bank account to enjoy a seamless experience. Need a current account? Are you planning to perform some online trading? What about shopping and paying online? One bank account should now be enough if you choose considerably.

Some banks even offer the chance to hold multiple currencies in the same account to make things extra convenient. It is perfect for the borderless digital world, as you can transfer money, pay bills, or bear travel expenses without using different local banks or converting your cash. You could also use an open banking api to help keep your cash flow moving. With the transferral of cash comes security risks, but open banking allows you to transfer cash from one account to another worry-free.

Personalised Service for Little to No Fees

As mentioned before, many fintech banks now come with advanced smartphone apps and online services. The app allows the bank to offer a more personalised service that includes real-time updates on any transactions, real-time stock prices and portfolio status, curated promotional offers, etc. It is also very convenient to find support and solutions 24/7, over the internet and the phone. So, inevitably, news like millennials increasing their savings are now more associated with the banking system than any fearmongering.