Digital Disruption — A Threat or Huge Opportunity for the World’s Biggest Banks

Tech and digital disruption has officially hit the Banking and Payments industries, and a tectonic shift is on the horizon. A special report in last month’s Economist sums up the situation. There’s no doubt the customer experience is going to be hugely improved by digital disruption; the days of queuing in a branch to open a new account or applying for a new product may eventually be gone altogether. But for the world’s biggest Banks, this shift poses both threat and huge opportunity.

Digitally native companies using new technologies, enabled by open banking and backed by huge funding rounds (there was £4.5bn investment in FinTech in the UK alone between 2015–18 as reported in the Tech Nation Report 2019), are making a growing dent in the market share that has always been dominated by traditional providers. Why? Because they are more agile than their counterparts — able to offer new products in a fraction of the time and rapidly respond to customer demand.

To find out how large banks can stay competitive and take advantage of this disruption, continuing reading on our blog.

About the Author

Gemma Sindall

Gemma is a Marketing Manager at digitalML. She has a keen interest in digital strategy and the best ways to merge people, process and technology. Her experience spans Marketing and Client Services in the Technology and Financial Services industries.

Originally published at https://www.digitalml.com.