FinTechs, disruptors and regulators are rapidly transforming the banking industry — how can your bank stay ahead of the curve? In recent years, the banking sector has witnessed profound changes in customer expectations driven by technology, the Internet and challenger banks. Now a new type of competition is entering the market in the form of the big successful technology companies: Google, Facebook, Apple and Amazon. With their deep pockets, digital-first business models and laser focus on customer experience, banks could lose more than market share: they risk becoming relegated to the equivalent of a utility. To stay relevant and compete, it is imperative that banks embrace technology-driven changes, break down barriers to change and disrupt themselves digitally instead of protecting and preserving antiquated business models. This paper outlines how banks can harness the power of artificial intelligence (AI) and machine learning to get ahead of these challenges and radically transform to win in the era of customer experience.
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Tiffany Carpenter (2020) studied this question.