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After the financial crisis and the subsequent intensifying global regulations banking is going through a technological revolution. The environment in which we operate has changed dramatically – shareholders, customers and regulators have had a paradigm shift in their thinking and perception of banking. Given the advances in mobile technology there is now a growing threat of competition from tech firms like Google and Apple but also a number of Fin-tech startups trying to bring innovation to a long-standing industry. This raises many questions: As a bank how do you differentiate your services from your competitors? How much do you spend on technology? How much is too much? How do you ensure success?
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While regulation and technology seem to be the major forces disrupting banking, there are others at play that don’t get as much headline as they probably should. Banking as we know it is changing and it is not just a few banks impacted, the whole industry is reshaping itself. This is a culmination of a number of events like the global financial crisis, increased regulation, bank bailouts, technology firms stepping into payments business, etc. that has impacted the way we see and use banking services. In August 2016, the Competitions & Markets Authority (CMA) of the United Kingdom published the Retail Banking Market Investigation report.