Sustainability in the Banking Industry Through Technological Transformation

Abstract

Digital revolution in financial services opened the market to competition, propelled by regulatory and compliance pressures, technological disruptions shaping innovative capabilities, and customer experience expectations. A dramatic, costly, and risky inflection point challenged the sustainability of the traditional banking industry. A new landscape that is competitive, collaborative, entrepreneurial, inclusive, and unrecognizable will emerge with strong alliances. An enhanced, instant, and comprehensive service overarching the complete financial life of the empowered customers is imperative. New agile strategies of key vendors will leverage the benefits of technological advancements while taking advantage of big data for generating value-added for clients and monetizing new business opportunities. Some ethical and safety concerns remain. Transformation, harmonization, and convergence will accelerate on the global scale and convert financial services to be intelligent, smart, mobile, and automated utilizing social media networks and cyber commerce.