What challenges must banks address if they want to remain relevant in the future?

New technologies are causing a paradigm shift in the financial industry, a change that is occurring at an unusual speed, driven by three main factors:

The rise of Fintech startups. With their new business models without intermediaries,
they are already competing with traditional banks in several verticals.

The threat of digital giants from other industries, known as GAFA: Google, Apple,
Facebook and Amazon. They are already investing in Fintech companies, and if they decide to fully enter into the financial world, they have sufficient capacity to push the boundaries of this industry even further in a very short period of time.

The emergence of the digital customer, accustomed to using new technologies and
with very different values from previous generations, makes it interact very differently with businesses.
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Matthew Olckers

Editor at Talan
Matthew's interests in innovation are in the financial services and education sectors. He joined the Talan Innovation team in September 2014, and focusses on the improvement of the user experience. Matthew is a Masters in Economics student at Paris 1: Panthéon-Sorbonne.

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