Improvement, achievement and success are key elements of our continuous growth
Regardless of the fact that EU financial institutions have become more resilient, they are still not fully resistant on cyber threats. In 2018 the 5th Directive for AML entered into force, aiming at prevention of money laundering and terrorist financing. Yet, maintaining highly secured standards remains complex for most of the companies. Competition can lead to alternative solutions for the users, still, it might be challenging for the financial sector. Banks do not compete anymore only with themselves but with everyone offering financial services. Within the new, the EU market is even further open for new institutions who will be giving even broader opportunities for the users. Last but not least the world is powered by the best of human and machine intelligence that ensure highly innovative modular products, taking over the financial sector. In this regard, the well-known Solow model is indeed examining how long-run economic growth can refer to technological development. Thus, institutions should be able to maintain technologies in their services in order to stay neoteric on the market.
Even though delivering traditional payments are in most of the cases secure, yet, some problems might appear with the storing of the money. Keeping cash is not always a very convenient way for the individual, since, money can be easily lost or stolen. Moreover, exchanging or obtaining different currencies in different countries or on unreliable places can raise additional complications for the user. Time duration, anonymity and the records keeping of the transaction can also be seen as possible challenges. Even though in a first glance they might not be in significant importance, however, they can be considered as very valuable for excellent user experience.