Data analysis
The banking industry has shifted from relying on in-person visits to favoring personalized mobile experiences that can fit into the palm of a consumer's hands. In fact, due to engagement tools like banking apps and online portals, three-fifths of all transactions at the most forward-thinking banks are now conducted digitally via smartphones or computers. Digital alternatives to traditional banks (Apple Pay, Venmo, PayPal, etc.) are also gaining popularity, as 29% of consumers worldwide already have a relationship with at least one non-traditional financial firm, according to the 2018 World Retail Banking Report.
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