The digitization of the financial services industry has transformed the way individuals bank. One key trend is paperless banking. Financial technology advancements, such as mobile banking, contactless payments, and digital currencies, are making physical paper superfluous, even for paperwork and money. Some market analysts predict that paper in banking will be “extinct” in the next decade. Below, we analyze the impact of the paperless trend and its benefits.
Since its inception, one of the key characteristics of banking has been the ability to handle large volumes of information recorded on paper, which in the past few decades were necessary. Now, almost all aspects of the management and delivery of products and services can be fully digital. If the financial sector committed to a complete transformation to paperless banking, the face of banking would forever be changed for the better.
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