By: Eddie Gonzalez, Guest Contributor
Digital banking is not a new concept, nor is it unusual for consumers to conduct their banking digitally, but what is true about digital banking, especially for businesses, is that the industry has not accelerated at the same pace as demand. Trends in the payments industry tend to follow innovation that is happening in the consumer market, but if consumers can make safe and low-cost instant payments, why has it not been available sooner for businesses to do the same?
When the pandemic made its way around the world, digital banking was introduced to millions of new users. Just in the first half of 2020, the volume of digital payments increased by 21% among American consumers, according to Statista. Today, only 1 in 5 Americans prefer going inside a physical bank. For businesses, the pandemic also led to an influx of supply chain shortages, and having the ability to move money quickly was an important value-add to mitigate any further disruptions.