Financial Sector Tech Disruption

Banks need to innovate through digital transformation or lose market share to the startup kids on the block.

digital disruption

New technology is disrupting almost every industry, even old-world giants that have been slow to adapt. “Banking and financial-services companies are not safe from the immense transformations wrought by technological innovation,” writes Dambisa Moyo for the World Economic Forum. She notes that app-based platforms have great growth potential in realms like like remittances and crowdfunding, which will total nearly $600 billion and $34 billion this year, respectively. Banks need to innovate through digital transformation or lose market share to the startup kids on the block.

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