Top Challenges Facing the Online Banking Industry | Quantzig


LONDON–(BUSINESS WIRE)–Quantzig, a global analytics solutions provider, has announced the completion of its latest article on the key challenges facing the online banking industry. Online banking helps users manage their finances anytime and anywhere conveniently.

Technological developments have increased at a shocking speed globally. The Internet is considered one of the best in these developments. Because of this, the banking sector also makes the most of the Internet. Online banking has provided speed and convenience to customers. Although online banking simplifies commerce and provides access for banks and consumers; there are major challenges and problems in the online banking industry. In this blog, Quantzig has listed the main challenges facing the online banking industry.

According to online banking industry experts at Quantzig, “Online banking has made it easy and quick for customers to manage their bank accounts.”

See Quantzig’s full list of major challenges facing the online banking industry

Quantzig is a global analytics consulting firm focused on leveraging analytics for prudent decision-making and delivering solutions to clients across multiple industry sectors. Below are the main challenges facing the online banking industry.

Key Challenges Facing the Online Banking Industry

  • Traditional banking habits: Most American adults participate in online banking, but there are still people who do not use online banking. The majority of these people are familiar with traditional banking. Such resistance to change is usually due to a lack of confidence in the online system or incompetence in operating online portals. And that’s why banks are pushing people to embrace online banking. Banks can simply prove to their customers the advantages of online banking and the disadvantages of traditional banking.
  • Security and Fraud Instances: This is one of the biggest challenges for banks promoting online banking. In traditional banking, thieves break into banks to steal money, while in online banking, hackers can break into customer details and transfer money illegally. For example, in 2015 an estimated £130 million was stolen from online bank accounts through fraud. The spread of e-commerce offers fraudsters the opportunity to abuse payment networks and steal sensitive information.
  • Cross-border transactions: The implementation of cross-border transactions plays a vital role in global commerce and is one of the remarkable success factors of online banking. Historically, cross-border payments have been slow, incompetent and expensive, as most banks still use traditional infrastructure, including national banking infrastructure, resulting in inconsistent development and software platforms that confuse cross-border transactions. To overcome these challenges, new technologies, including blockchain, promise to enable seamless cross-border transactions.
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See the full list of top challenges facing the online banking industry here:

About Quantzig

Quantzig is a global analytics and consulting firm with offices in the US, UK, Canada, China and India. For more than 15 years, we have been helping our customers around the world with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm has over 120 clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us. .

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