New players driving fresh business models, innovative products and increased adoption of the power of big data affect not only the provision of financial services but the fundamental structures of financial markets. As the tectonic plates shift, banks need to actively seek and embrace new opportunities. For the data economy to thrive, fintechs and bigtechs to provide client choice without affecting financial stability, and for crypto-assets to provide a viable option to traditional assets, regulators must master the art of balancing innovation with regulation.
The digital transformation of society as a whole has changed the expectations of customer services within the financial services sector. As a result, retail banking operations face testing times as the industry goes through significant and rapid modernisation.
The financial services sector is going through a dramatic change in today’s highly connected digital environment. With heightened customer expectations, ever-increasing customer touchpoints, and the advent of new technologies, banking institutions