The Evolution of Digital Banking

The banking and financial services industry has undergone significant digital transformation over the past two decades, evolving from traditional cash management to more integrated digital solutions. Banking's historical reliance on mainframe systems for core financial operations has been challenged by the emergence of agile technology-based services, highlighted by companies like Mastercard and Apple entering the payments space. This shift emphasizes the need for banks to adapt to consumer preferences for online interactions and streamlined services, as cash usage declines and competition from non-regulated entities increases. Consequently, established banks must move away from outdated infrastructures to remain relevant in a rapidly evolving financial ecosystem.