{"id":597153,"date":"2019-07-17T03:57:59","date_gmt":"2019-07-17T03:57:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/imf-rise-of-e-banking-poised-to-surpass-traditional-banking-solutions\/"},"modified":"2019-07-17T03:57:59","modified_gmt":"2019-07-17T03:57:59","slug":"imf-rise-of-e-banking-poised-to-surpass-traditional-banking-solutions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/imf-rise-of-e-banking-poised-to-surpass-traditional-banking-solutions\/","title":{"rendered":"IMF: Rise of e-banking poised to \u2018surpass\u2019 traditional banking solutions"},"content":{"rendered":"

<\/a> Banks could be \u201cleft behind\u201d as e-money poised to eclipse traditional currency -IMF:<\/b> Banks will need to evolve or run the risk of being \u201cleft behind\u201d by e-banking solutions offered by big tech companies, according to an IMF report (pdf)<\/a>. The fund predicts that e-money \u2014 a means of digitally storing regular money at the same value \u2014 is set to undergo a rapid rise in popularity, perhaps surpassing the use of cash and bank deposits.<\/p>\n

In some countries e-money is already king:<\/b> In Kenya, 90% of people over age 14 pay with M-Pesa, while in China the value of e-money transactions with WeChat Pay, Alipay and others exceed those of worldwide of Visa and Mastercard combined.<\/p>\n

What will the impact on banks be?<\/b> Although commercial bank deposits will not disappear any time soon, the banking sector is likely to experience turbulent times in the years ahead. The report predicts that banks will see their funding become less stable and more expensive, their client relationships decline, and their access to transaction data decrease. The effects will be magnified for smaller banks with less capital, as funding from e-money providers becomes concentrated in a few large financial institutions.<\/p>\n

Evolve or die:<\/b> Banks need to focus their efforts on becoming more competitive, the IMF says. This means higher interest rates, better services, and new, more reliable sources of funding. Banks that are able to keep with the times \u2014 by integrating social media, providing quality online services, and user-focused design \u2014 will clearly have a leg up on the competition. Existing payment techniques such as Venmo, Zelle, or Apple Pay Cash, which facilitate payments by debit card, are good examples of how banks can reposition themselves as the digital revolution shakes the financial sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banks could be \u201cleft behind\u201d as e-money poised to eclipse traditional currency -IMF: Banks will need to evolve or run the risk of being \u201cleft behind\u201d by e-banking solutions offered by big tech companies, according to an IMF report (pdf). The fund predicts that e-money \u2014 a means of digitally storing regular money at the […]<\/p>\n","protected":false},"author":1,"featured_media":597154,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[72,639,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-enterpriseam","tag-technology","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"d1048c2f-a76f-482d-bec5-cb01c8b3187f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/159.jpg","photo_position":"above","related_issue":[597133],"teaser":"","voice_url":""},"yoast_head":"\nIMF: Rise of e-banking poised to \u2018surpass\u2019 traditional banking solutions - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/imf-rise-of-e-banking-poised-to-surpass-traditional-banking-solutions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF: Rise of e-banking poised to \u2018surpass\u2019 traditional banking solutions\" \/>\n<meta property=\"og:description\" content=\"Banks could be \u201cleft behind\u201d as e-money poised to eclipse traditional currency -IMF: Banks will need to evolve or run the risk of being \u201cleft behind\u201d by e-banking solutions offered by big tech companies, according to an IMF report (pdf). 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But\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/470.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595378,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/","url_meta":{"origin":597153,"position":3},"title":"USD dominance under threat as digital currencies look to transform global financial system","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"Is the dominance of the greenback under threat as digital currencies look to transform global financial system? A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570667,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/","url_meta":{"origin":597153,"position":4},"title":"A decade of de-risking banks has made financial markets more risky","author":"enterpriseam admin","date":"9 April 2020","format":false,"excerpt":"Risk is energy, and it\u2019s now moving from banks to money markets: The shadow of the financial crisis is looming over the covid-19 fallout as efforts aimed at making banking safer \u201cmay instead have conspired to make it more brittle,\u201d Robin Wigglesworth writes for the Financial Times. Since the big\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592217,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/net-foreign-assets-deficit-widens-to-most-on-record-in-june\/","url_meta":{"origin":597153,"position":5},"title":"Net foreign assets deficit widens to most on record in June","author":"enterpriseam admin","date":"2 August 2023","format":false,"excerpt":"Net liabilities in the banking system widened by USD 2.6 bn during the month","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/67.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597153"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597153\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597154"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597153"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597153"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}