While new entrants are changing the face of banking, traditional financial institutions can still dominate by partnering, hiring, crowd-sourcing, and piloting new solutions that focus on the customer experience.
This is because there are several questions that industry observers continue to ask:
- How will innovations (like marketplace lending or blockchain) transform legacy banking operations as we know them?
- Will incumbent banking organizations continue to dominate or will there be a disintermediation of banking organizations by the fintech start-ups?
- Will legacy banking organizations and fintech players be competitors or partners in the future?
For more on this story visit the following link: Digital Innovation Transforming the Banking Industry
Source: The Financial Brand