There’s no industry under greater demand, scrutiny and pressure right now than banking. At the same time, there’s no industry at greater risk of disruption.
As we emerge from an era of industry doubt, consumer fear and market regulation, 2008 still colors the nightmares of consumers and banks alike. Operationally, the bank’s FP&A group finds itself up against the smothering compliance burdens of the everyday and seek cost containment measures to maintain profitability. Just as banks are coming up for air, a tsunami of change is about to be thrust upon them, again: a new customer and new competition.
In this whitepaper, we’ll discuss how the new millennial customer and FinTech - the greatest competitive force to ever enter the industry, are affecting the business models of banks worldwide. Then we’ll provide a framework for how banks can start planning for these disruptors today.