Digital adaptation started off as an option but has evolved into a necessity in every bank’s agenda around the globe as end clients – consumers, businesses, and governments – are quickly adopting trends cascading from the technology sector in their IT capabilities, business operations, and business models. With the digitally-savvy generations coming of age, the manifestations of the rapidly evolving technological changes across all aspects of our lives pose fascinating challenges and opportunities alike in the end-client digital ecosystem.
Transaction banks in the region have been largely perceived to be focused on improving existing solutions internally. This internal focus may not suffice in addressing the end clients’ demand for digital functionality and cost-efficiency moving forward. Sensing a quick shift in the client’s growing demand for technological capabilities, emerging alternative non-bank players – more commonly known as Fintechs – are beginning to transform the financial sector by revamping offerings and solutions in the new digital landscape; some creating sustainable disruption practices while others enabling their clients to do more with less. It is imperative for banks to recognize and act upon fulfilling the growing digital needs of end-clients in this time of rapid change by seizing the opportunity to establish themselves as early adopters using their incumbent advantage in the financial services sector.
