Summary: There are a lot of things to look forward to in 2018, ushered in by growth and improvements in the global economy. Major players like the United States, Europe, and Asia continue to sustain domestic growth that has led to a more robust global economy despite several setbacks in the oil-rich regions in the Middle East.
But while there have been a lot of surprises and milestones in 2017, we look forward to 2018 with increased economic activity brought about by the growth in the above-mentioned regions.
Domestically, it has started to gain momentum in strengthening local economies and have led to spurious growth especially in increasing business opportunities and employment. For one, companies have expressed better hopes of strengthening financial wellness programs for employees.
But while we expect financial challenges to be in the picture, there are a lot of reasons to face these challenges head-on and succeed.
Sustained global monetary growth rate
The International Monetary Fund projected synchronized global growth at a rate of just under four percent in 2018. Not only does growth increase incomes, it also makes vexing problems such as bad bank loans and budget deficits more manageable.
The emerging influence of digital banking
There’s a lot of promise to be seen with digital banking, as it starts to immerse into the global banking scene, which may start to shake the core of traditional banking practices.
An automated banking system geared towards enhanced customer service experience and enhanced banking services in the comforts of your own home will soon become a norm, especially in dealing global transactions and resource management.
FinTech companies are also starting to saturate the market exponentially with enhanced financial services and innovations that help shape the future for banking.
E-Commerce growth and virtual markets
E-commerce continues to stay in tip-top shape for 2018. Virtual or online markets are the rage these days as convenience and comfort remain the foremost considerations in terms of trading and commerce.
Statistics have shown that 51% of Americans prefer to shop online. Better yet, 96% of Americans with internet access have already made an online purchase, of which 80% has done so in one month in 2017. Industry experts believe that this momentum will continue to gain more ground in 2018.
Earn more, save more
Market competition will provide consumers with more opportunities to earn more and save more money.
Several banks have already waived ATM withdrawal fees for special accounts that require a certain amount for its average monthly maintaining balance. This is a big boost for frequent travelers making international trips with one of the highest withdrawal charge rates abroad.
Airline companies, shopping, and retail apps are also among those that vie for costumer share and offer specials deals and discounts to help people save up on money and be able to re-channel more cash into their savings funds.