New Competitors Forcing Banks to Reevaluate Innovation Strategies

#artificialintelligence 

Innovation continues to be a strategic priority in the banking industry, with new business models emerging including partnerships with fintech startups. As competition expands and consumer expectations for enhanced digital banking services increases, new business models in banking are emerging and being deployed in real applications. Investment in innovation and in technologies like artificial intelligence are transforming the way rich data is analyzed and applied, creating the potential for real-time contextual banking engagement. The innovation agenda has become intertwined with the digitalization agenda, with both requiring changes in culture and back office operating systems. Investment in delivery channel innovation continues to be the most important focus for the banking industry, responding to expectations set by other industries.

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