In the face of growing competition, banks around the world are working hard to become the first choice of today's customers. Recent PYMNTS research indicates that 34.8 percent of banking customers would be interested in switching their financial institutions (FIs) if their branch experiences do not match their digital banking experiences. A digital-first approach to banking has become critical to survival, in other words. Customers want to be able to access a full array of services beyond the physical branch through a variety of touchpoints, including ATMs, Internet of Things (IoT) devices and contact centers. Many banks are, thus, taking a digital-first approach to remain relevant and agile, undergoing head-to-toe transformation.

Like many buzzwords, 'digital transformation' can mean different things to different people. Yet, essentially, it is always about using digital technology such as the cloud, mobile, big data, and analytics to enable large scale organisational change. In this way, businesses can quickly adapt to shifting customer demands while keeping up with fluctuating competition from both old and new rivals in their market. Increasingly, previously unknown companies are making a huge impact on established markets, companies and brands. The key to their success is the way they exploit the'digital transformation' phenomenon, disrupting entire markets in today's digital world. By throwing away the rulebook and fully embracing digital technology, iconic disrupters such as AirBnB and Uber are providing customers with the services they want – without being forced to simultaneously make huge capital investments.