Better Financial Services through a Better Connected World - Huawei Publications

The financial services industry is feeling the impact of the digital revolution. Maintaining growth and profitability is an enormous challenge for banks as they need to keep tinkering with the customer experience, not only to provide financial services for their customers, but also to stay more relevant in customer's lives and keep their attention. Digital platforms are fueling the on-demand economy by matching supply and demand in an accessible, low-cost way. Uber, Amazon, and Alibaba show the disruptive power of these "share" technology platforms, where buyer-seller interaction is high, a diverse range of goods are on offer, and the marginal cost of rolling out a new product or service is approaching zero. Fintechs are disrupting the industry by both cooperating and competing with banks for customer attention and thus their wallets.