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Banks: Reinventing the Core of the Financial Ecosystem
Banks have long been the backbone of the global financial system, and despite facing challenges from fintechs and digital-first platforms, they continue to play a critical role in economic stability and growth. According to PwC, the global banking market was valued at approximately $134 trillion in 2023, encompassing retail, corporate, and investment banking sectors. The shift toward digital banking has accelerated, with McKinsey reporting that over 70% of global banks are investing heavily in technology to modernize their infrastructures and offer seamless digital experiences.
The rise of digital-first banking solutions, such as mobile wallets and AI-driven personalized financial services, has been transformative. The Global Fintech Report 2024 from Accenture reveals that global digital banking users are expected to surpass 3.6 billion by 2025, underscoring the massive shift toward online platforms and mobile-first banking solutions.
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