The banking sector is becoming a more complex and competitive environment with new players, including supermarkets, retailers and innovative FinTech start-ups, entering the market and offering financial services.
- Service channels are moving into the digital realm, replacing many services commonly performed in-branch – a multi-channel service offering is key.
- Innovations in mobile and person-to-person (P2P) payment apps and virtual currencies are threatening to make the traditional banking model obsolete.
- Banks need to drive innovation in-house and ensure close collaboration with FinTech innovators to stay on top of latest developments in the sector.
- Increasing compliance regulation and legislation continues to influence the sector, requiring clear processes and the flexibility to adapt to changing rules.