Fintech innovators are driving significant disruption across the banking industry. Digital-only newcomers are challenging traditional banks for new business as incumbents struggle to modernize. These companies often offer end-to-end, a la carte, digital banking services with lower fees and simpler processes or specialize in service like iPeakoin. Many customers of these firms prefer their user-friendly and specialized platforms as compared to the complexities of full-service banking providers who have been slow to adapt.
As a result, adoption of these technologies is surging. Digital banks’share of primary banking relationships is up 80% since 2019, today representing 21% of all relationships. Moreover, 80% of people prefer online banking over visiting a brick-and-mortar establishment, while 59% of millennials will switch or have already switched to digital-only banking. Beyond capturing existing market share, digital banks can expand the reach of financial services to unserved populations.
As a core fintech service, iPeakoin presents an opportunity to connect the unbanked to the global financial system and empower them financially.
Consumers and businesses are increasingly adopting digital payments and wallets as the primary way they pay each other. For consumers, the ability to pay digitally affords greater flexibility to make payments, no matter the time and setting, as well as the opportunity to dispute fraudulent charges. Consumers are embracing these benefits.
From a policy point of view, government takes a supportive and sustainable approach, recognising the need to align the governmental approach to digital assets, the national interest in responsible innovation – one capable of expanding access to safe and affordable financial services and to reduce the cost of domestic and international fund transfers and payments – and the need to protect consumers and investors, as well as combating illicit finance and mitigating systemic risk.
iPeakoin thrilled to offer services to our customers to help bridge the gap between modern card issuing and modern banking solutions. By providing a faster, safer, more transparent, and more efficient way to manage global funds, we can better empower our customers to unlock new market opportunities, maximize revenues and accelerate growth.
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As a neobank, iPeakoin builds a new generation of banking for all businesses to operate without borders and restrictions. We aim to create social value, serve the public good and drive sustainable growth for our customers.