With only 18% of Americans making use of the traditional banking facilities, it’s time for financial institutions to reinvent the way they do finance. While many across the States are already familiar with online banking, other financial products are following suit and it’s not uncommon for investors to place their capital with a robo advisor, for instance. But which other services are slowly falling off the radar? Discover how financial services are changing their landscape into a purely digital one.
Dabble in the World of Share Trading and Forex
Where previously it was a weekly or monthly meeting with a financial advisor to go over stock options and how the forex markets have changed, it’s now in the hands of the investor. Apart from robo advisors, investors also have the option to do their training online in dummy accounts until they have a better understanding of how the markets work. While research estimates that advisors can add around 3% in a relative return to individual investors, those who have the ability and tenacity to learn the trade won’t have to worry about meetings and fees.
Buy a House from Start to Finish, Without Setting Foot Outside
When one of the world’s biggest online real estate portals acquire a mortgage originator, those who have an affinity for completing their business online won’t have to worry about setting foot in a bank to get their mortgage sorted. Zillow recently acquired Mortgage Lenders of America and the buying and selling process on the platform is just streamlined with the addition of the mortgage originator. Although the application process might not be in person, it could still be nerve-wracking for applicants which means being prepared is the best chance of a successful application process. According to Crediful, clients can do much of the application prep beforehand, such as checking their credit scores and getting the necessary documents ready.
Banks Will Need to Introduce AI to Keep Auto Finance Alive
Consumers will no longer just stroll around from one car sales lot to another when the integration of AI kicks in. Banks such as the Royal Bank of Canada is in the throes of developing a forecasting tool that will give dealerships a clearer insight into the markets and buying trends. With many of the customers already online, this process should be fairly simple.
Where traditional banking days required customers to come in for everything from a bank transfer to a withdrawal, the financial industry has made great strides to make the traditional – and costly – bank process obsolete.