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EmporioTrading.com - Discusses Major Changes in Traditional Banking

PORT VILA, VANUATU / ACCESSWIRE / February 19, 2018 / Digital disruption, led by emerging fintech companies, is actively withering the relevance of traditional banking due to evolving customer behavior and the demand for digitally accessible financial services. Across the globe, financial institutions are being forced to innovate and adapt to the new environment or risk getting outpaced by their agile, flexible and well-funded competitors. EmporioTrading.com, a renowned brokerage and investment expert, explains the impact of digitalization on traditional banking.

As revealed in the EY-Index-Fintech-Report, over 50% of consumers are using fintech money transfer and payment services today, and 88% expect to do so in the future. Fintech adoption has doubled globally in the past two years reaching 33% in 2017, and tripled across emerging markets - Brazil, China, India, Mexico and South Africa – rising to 46%. The prime reason behind such a high rate is the possibility of achieving financial stability for consumers with limited access to traditional banking solutions, followed by security and convenience. India showcases the matter vividly, with only 53% of consumers operating a bank account, in contrast to 80% owning a smartphone. Mobile banking ameliorates the process of sending and receiving money, while reducing cash dependency and providing saving opportunities to low income individuals. Reinforced with large investment sums from venture capitalists, fintech companies are well poised to take over the financial industry, if banks do not adapt soon.

Given this fact, EmporioTrading.com notes that around the world, both public and private banks have begun allocating substantial amounts of resources to digital transformation across business units, and investing in fintech. Credit Suisse, a financial services company that operates Credit Suisse bank, was among the first ones to embrace digitalization, by converting a data center in Singapore into an innovation hub. Among banks with the highest amount of assets under their management, Citigroup, Banco Santander and Goldman Sachs, have each completed seven or more investment deals with various fintech companies in the last 5 quarters. BNP Paribas, one of the largest banks in the world, has recently agreed to acquire Compte-Nickel, a French digital bank, for $213 million and is planning to double investment in technology over the next 3 years. While the fintech wave is expected to subside in the near future, newer forms of disruption are anticipated. Traditional banks are being forced to change their approach from reactive to proactive, to uncover new growth opportunities, spot potential change ahead of time and rekindle their momentum.

Based in Vanuatu, EmporioTrading.com is a market leader in forex trading. Providing online trading services to clients across Europe, Asia and Latin America, EmporioTrading.com aspires to deliver competitive pricing, reliable trade execution, high-end server technologies, and innovative trading tools to help clients succeed in their investments.

EmporioTrading.com - Worldwide Forex Market Leader: http://emporiotradingnews.com

EmporioTrading.com - Discusses the Positive Side to a Weak Dollar: https://finance.yahoo.com/news/emporiotrading-com-discusses-positive-side-203800350.html

EmporioTrading.com - on the Importance of Choosing the Right Trading Platform: https://finance.yahoo.com/news/emporiotrading-com-importance-choosing-trading-005500738.html

Contact Information:

EmporioTradingNews.com
contact@emporiotradingnews.com
http://emporiotradingnews.com

SOURCE: EmporioTrading.com

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