Banks must be vastly different in the future as they respond to FINTECH Challenge

For some time now traditional financial institutions have been facing disruptions in their business model as new technologies facilitate major changes in customer perceptions and expectations. How are the banks responding?

For some time now, financial institutions have been facing disruption to their business model. This disruption is due largely to rapidly changing customer perceptions and behaviours. Customers are continuously looking for new ways to be engaged and Fintechs have capitalised on this by providing technologies and interactions that traditional banks are not. This is disrupting how financial services are consumed and has resulted in a rapid increase in the use of nonbank apps and services.

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