In the past decade, banks and credit unions have faced stiff competition from developing technology-based product line. Opposition banks and new technologies have endeavored to disrupt current banking relationships and customer's financial habits.

In order to stay in the competition, banks and financial institutes are struggling to align with the shifting consumer behaviors and expectations. Here are the latest trends and technologies that are expected to impact the digital banking sector in the upcoming years.

Expansion of Digital Banks
For the past few years, neobanks have been targeting millennials, fintech companies focused on business liquidity, and popular tech giants. These tech bigwigs too have penetrated the financial services landscape competing with the new entrants.

Because of these disruptors, more banks, and fintech organizations are deploying digital banking systems attracting more customers, millennials in particular.

Today, fintech is an effective way to gain deposits and perform crucial core banking actions. To be successful in the race, both digital banks and fintech institutions have to ensure that they provide the most convenient and intuitive digital experience to their customers.

Gig Economy and Small Businesses
Small companies or businesses represent 99% of the total businesses in the USA. Despite being a trusted local partner for several companies, banks, and financial institutes, these small enterprises fail to offer effective solutions that are specifically built for the consumers.