The future of the banking sector

The world is turning into a digital world in everything, until it has become a hybrid world in which the real is mixed with the virtual.
These changes that technology imposed on the banking sector as it imposed on most other sectors made banks re-evaluate their employment policies, and although the banking sector benefited greatly from the digitization of operations during the past three decades, the number of employees in it continued to increase with the expansion of banks in its services. But this time the matter is different, as the technology has sufficed the banks from many of the tasks that were performed by the branch employees, and this technology is still expanding.providing these services They pointed out that traditional cash is tending to disappear in favor of digital currency, and therefore there will be no need for ATMs or checks, or even for bank cards in their current form, and personal data and other information will be interconnected via “blockchain” chains, and therefore there is no need for any paper transactions. Whether to open a bank account or to request a loan or other services.
The banking expert, stated that the rapid developments witnessed by banking services during the past decades, and mainly during the past years, predict the nature of developments and fundamental changes that we are on a date with in the coming years, pointing out that the next fifty years may witness the emergence of financial products that we know nothing about. Until now, both in terms of financial services related to the space sector and so on.
She pointed out that digitization and robotics in general will shape the future of financial and banking services, as artificial intelligence will make the bank in the pocket of every customer and through his smartphone, as well as the mall will be in the customer's pocket, and this is something we started touching directly, even the personal computer has become less used in favor of heading to activate All the applications that we need on our phones.
For his part, the banker, Hossein Hassan, confirmed that more digitization will be the title of the next stage, and many of the current services will disappear to appear in their place, other services that meet emerging needs that do not exist today.
And he indicated that the bank, like many other services, may be through a platform on our smart phones so that we do not need to cash, papers or cards.
Banks are also exposed to competition in the financing sector. After the sector was the largest financier of investments, today it constitutes only a third of the financing sector, and there are many competitors in that. In addition to the technical companies that may finance purchasing operations through their applications, daring investment funds entered the competition strongly, The concept of the sharing economy has also become more acceptable to investors with crowdfunding operations that allow individuals to finance projects directly instead of having banks as an intermediary.
The banking sector is subject to change due to the changes of time and the technical renaissance. However, banks cannot end with technology, as is the case with paper newspapers or with taxis. The presence of banks is essential in the modern economy, and they are the link between the state and the economy. The banking sector in its current form and caused its change. The banking sector today is completely different from its counterpart ten years ago, and it will certainly differ from its shape after another ten, and governments may have to establish digital central banks that are parallel to the current central banks to deal with digital operations and legalize them, which is what It may pose great damage to the banking sector, especially with the increase in the trend towards digital operations, which the pandemic helped in its prosperity. Banks must race against time and technology companies to impose their control on the banking sector before this sector is hijacked from them, as is the case with the retail sector, whose giant companies collapsed during the past few years.