“Physical banks are a thing of the past
71% of millennials would rather go to the dentist than listen to what banks are saying. Going to the actual banks is becoming a habit of the past in the era when mobile banks are popping with the speed of light. It is expected that by 2022 customer visits to retail bank branches will drop by 36% while mobile transactions are to grow by 121% and will eventually compose 88% of all banking transactions.
Three main factors stand behind the growth of this trend. Mobile banking is more convenient, instead of going to the local branch, no matter how close it is, all the services you need are at your fingertips. It is more accessible, owing to the fact that 65% of the world population own a smartphone. On top of that, banks can benefit from this shift as well since mobile apps facilitate cheaper transactions and cut costs sufficiently.”
Tender is a payment solution. We are interested in the transformation of the fintech industry. Banks go digital, payment solutions are unbundled from traditional institutions, blockchain is a force to reckon with as a protocol. Exciting times.
