Digital transformation trends that are shaping banking - Fintech Circle

Cultural adaptation is the step zero of digital transformation. Encouraging an entrepreneurial spirit by dedicating internal groups to find digital solutions has become the new normal for financial institutions. Banks are striving to become technology companies by automating back office work flows and increasing customer satisfaction with low friction interfaces and lower cost services. Incumbent intrepreneurs look to transformation trends that will keep banks future proofed while challengers and tech giants move in on a fintech market where banks have lost a quarter of the payments franchise to new players. Data has fuelled the growth of fintech with open banking starting to take a lead role in developing game changers such as AI and cloud.