The banking sector is not spared by the digital revolution. Banks are faced with new competitors, entering from other sectors or quite simply created from nothing in the last few years, which are revolutionizing the interaction between clients and their bank(s) and gaining significant market share. Furthermore, in the digital area, bank clients have both new behavior and expectations. Therefore, to remain relevant in the market, traditional banks began their transformation process several years ago. Digital transformation is a priority in almost all strategic plans announced by banks, with a significant amount of investment dedicated to that transformation.
The purpose of the document is to help to understand how the behavior and expectations of new clients are shaping banks' efforts to revamp their business.
Digital transformation in banking
The cashless society is more relevant than ever
- Digitalization of payments
- Hurdles to a cashless society
A cashless society challenges the traditional bank business model
- New clients’ needs and behavior
- Financial regulatory constraints as a driver
- Technological challenges for banks
How IT services companies can help banks
- Advisory services to implement new business models
- Set up a new infrastructure for a payment platform
- Cashless society as a pillar of the Open Banking concept
- Bring cyber-security expertise