Facing disruption
The banking sector had a hard time in the last decade. It had to deal with low interest rates, low credit growth, changing regulations, and compliance requirements. Even worse: FinTechs are increasingly disrupting components of banks’ services. By redesigning them into highly accessible IT services they gain more and more of the value chain.
In comparison to Big Tech, it seems that many banks still have ways to go in connecting to the needs and expectations of their customers. Therefore, it becomes crucial for them to reevaluate markets, consumers, and their needs. When done right it will ensure future viability – if ignored it will lead to disruption