Digital Disruption: How Fintech is Pushing Banks to Change

Fintech has brought unprecedented disruption in the financial services ecosystem. Legacy financial institutions looking to become digital-enabled face two main challenges. First, the business models and personal skills that have served the industry well for decades has been disrupted by digital innovation and no longer works in the new banking ecosystem. Second, attempts to create new, viable models for the digital age will flounder unless people and organizations are willing to disrupt themselves.

Some key fintech trends:

  • Omnichannel banking challenging branch banking
  • Automation with Machine Learning and Artificial Intelligence
  • Biometrics for instant authentication
  • Growth of blockchain

How banks are responding to fintech explosion:

  • Open innovation
  • Collaboration
  • Accelerators

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