In 2020, as the life of consumers increasingly went online because of COVID-19 restrictions, banks needed
to respond quickly.
They began to dismantle legacy operational structures, rethink cultural norms and explore new business models that would improve their digital game. Providing seamless customer experiences would be fast-tracked by partnering with fintech companies and embracing cloud-based solutions.
This strategy would take on increasing importance as new banking models, such as open banking and marketplace banking, would become more prevalent. Going forward, large incumbent banks will increasingly be faced with neobanks and other fintech challengers that will succeed on their ability to rapidly adapt to changing customer expectations.
Included in this Contents
- Emerging banking models and the COVID-19 challenge
- Open banking and marketplace banking
- Creating agility and flexibility for digital transformation
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