The impact of Digital Transformation on financial services is profound. Disruption, new business models, FinTechs, payments, cryptocurrency, cyberthreats, greater collaboration and data legislation are all transforming the sector - and regulators are scrambling to keep up.
But how do industry insiders see financial services evolving: which will be the real game-changers, how will the industry transform over the next few years and are institutions and regulators keeping pace?
There is no doubt that the traditional global banking and financial services landscape is being disrupted by the rapid emergence of financial technology, or FinTech. From mobile and open banking and blockchain, to AI and machine learning, new technologies are creating huge opportunities and challenges for FinTech players and established banking and FS institutions. There is, of course, more than one way to disrupt. FinTech providers often have the best of both worlds, in that they may either complement banks’ own digital transformation programs, or challenge them by providing consumers with alternatives.