Digital transformation in the financial industry: Driven out of necessity
Digital transformation in the financial industry is born out of changing consumer demands and the threat from challenger banks
The financial services industry is changing. And, unlike other sectors, it is changing fast and has been for quite sometime (decades). The shift has been dramatic.
Look back 40 years to ‘bank 1.0’. In this era, the location-sensitive, physical branch was king. And, the financial industry as a whole was based on relationships and human interactions. Consumers would go into a branch to get all of their services and needs catered for. ATMs, as a ‘channel’, did not emerge until the 1980s.