This is the first in a two-part series.
Although banks are considered pioneers of process automation, they now find themselves playing catch-up in today’s consumer-led, digitized financial services landscape. Insurgent financial technology competitors (i.e., fintechs) are disrupting traditional banking worldwide, bringing to market an assortment of digitally innovative, multi-channel banking solutions. Such offerings — including digital wallets and peer-to-peer (P2P) lending and payments — are increasingly finding favor among today’s always-connected, tech-savvy consumers. To retain wallet share, banks must rethink their approach to service delivery.