Banks in their current form will not disappear; however, their working model will change, with modern online services posing a serious competition, Denis Sotin, Director for Information Technologies and Board Member of Rosbank, said addressing CNews Forum 2018.
“In 2009, bankers were fearful of digital wallets, which seemed to be going to absorb the financial world. However, as soon as legislative control started, it became apparent that these were only local events. Then, remote banks began to actively develop, but they failed to substitute traditional banks as well. No one argues that today clients’ expectations have changed and banks working model must be updated. But this does not mean traditional banks will disappear”, the expert said.
Today, clients want to simultaneously receive many totally different services from a bank, he noted.
“Along with receiving bank cards, clients want to open accounts, receive mortgage loans and other types of loans, as well as many other things”, Sotin emphasized.
He added that clients’ demands have hastened the emergence of new banking services in the market.
“In particular, these are the services that can be used on smartphones. These are new technologies of gathering and analyzing information, and other innovations. In the future, all these services will change the principles of how banks operate”, Sotin concluded.