In a recent interview with Finbold.com, a cross-border payment firm, Wallter.com chief executive officer Isaac T. Armoni talked about the banking sector’s future trends. Armoni notes that more focus will be on open banking, blockchain, and cryptocurrencies.

Armoni also issued a bullish outlook for cryptocurrencies stating they are here to stay. Armoni cited the entry of key players into the sector as a critical driver. According to Armoni:

“Cryptocurrencies are here to stay. When PayPal, Tesla, Mastercard, and other Fortune 500 companies declare that they are opening their platforms to cryptocurrencies, allowing people to transact using cryptocurrency in retail and online (e-commerce), we can safely identify a market trend, and we think that cryptocurrencies, blockchain, and open banking are the future of the banking industry.”

Challenger banks and traditional banks to cooperate

With challenger banks rising in popularity, the executive talked about the gap these facilities are filling. At the same time, he projected how challenger banks and traditional banks will co-exist in the future. According to Armoni:

“Good examples of other Fintech companies make people trust Fintechs and services they are providing. The innovative business models are attractive – EMIs (Electronic Money Institutions) and challenger banks are offering services in the way and in areas that traditional banking failed. We can see the traditional banks cooperating with EMIs and challenger banks, especially in an open banking field. It’s a welcome change to the market and will be beneficial for customers.”

On the future of cash transactions, Armoni predicted that most countries might go cashless. He believes that the pandemic offered a perfect opportunity for the transition towards a cashless society.

With the payment sector experiencing a surge in service providers, Armoni rules out that the industry had reached its peaks. He maintains that there is room for new players. Armoni also delved into the benefits of the right regulatory field and the effects of an over-regulated industry.