Banks are turning to a range of new technologies to improve the customer experience and fend off competition from new players in the financial services marketplace. Banks today are operating in a highly dynamic economic and business environment, and the pressure is on to modernize their IT operations. They face some significant challenges. Low interest rates, along with the significant impact of COVID-19 (which increased credit risks), are reducing core profitability. Banks are looking for ways to reduce costs and grow revenue to counter increasing competition from Fintech firms and digital giants (Bigtechs).