How the Banking Industry Can Avoid Being Disrupted in 2020

In financial services, digital disruptors are coming, impacting traditional banks and credit unions as well as consumers. With the promise of personalized solutions and improved experiences delivered on digital channels, the potential for major changes to the banking ecosystem appears imminent. Despite this, few organizations are prepared for these changes based on research done this year by the Digital Banking Report. Not only are banking organizations faced with legacy bank office technology, but they are also impacted by outdated regulations, disparate data sources, internal silos, increasing external cyberthreats and a culture that has not changed in decades. To embrace the digital transformation necessary for the future, organizations must rethink how they use technology, people and processes to dramatically change business models and innovate for the future.