Four transformations are occurring contemporaneously to disrupt banking, open opportunities for new entrants and new business models, and force established banks and challengers to be more competitive. These are:
- Open Banking
- Real Time Payments
- Data Driven Engagement
In any cycle, one of these disruptions would be an enormous amount to deal with. All four occurring at once represents a sea-change that will see many incumbents wrong-footed. They also provide a massive opportunity to the most progressive; those who adapt their operating model to capitalise on the properties of these new technologies to win.