Finextra spoke to Amit Bhute, SVP & global head of the banking and financial services practice and Soumyendu Kishore Pal, co-head of the capital markets practice at Virtusa about what is driving digital transformation in financial services today. Bhute says that the rise of digitally native neobanks has showcased a significant gap in the market. "Banking legacy infrastructure that was built between the 1960s and 1980s is crumbling and is now unable to meet the demands of increasingly real-time and data-intensive customer demands. Banks have realised that sticking to the status quo is no longer enough and simply meeting regulatory demands will not support growth." Traditional banks must focus their digital transformation strategies on innovation, otherwise new revenue will captured by the digitally savvy neobanks.