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FEATURE: BLOCKCHAIN & FINTECH
The FinTech antidote –
why banks need to be more
resilient in 2019
The new age of digital banking
in Europe is redefining what it
means for enterprises in the
banking sector to respond to
change. Euan Davis, European
Lead, Cognizant’s Center for
the Future of Work, talks
to Intelligent CIO about the
major threats to the banking
industry and how it hopes to
respond to them.
T
he European banking industry is under extreme pressure. Although
the looming risk posed to financial stability by Brexit is perhaps
the most notable risk, 2019 is looking like it will be a challenging
year all round. To survive, simply ‘doing’ digital is not enough. Managing
constant change will require traditional banks to become resilient to its
impact by embracing a customer-led strategy, evolving with market trends
and intelligently piloting emerging technologies. Looking inward to work
more efficiently and provide a more streamlined customer experience
while keeping one eye on the external environment will be key. There
are major threats snapping at the heels of industry leaders in the form
of regulatory change, political upheaval and new competition. Although
banks have been fighting them for years, these influences are set to come
to a head in 2019, with the potential to diminish, displace, disintermediate
or even destroy mainstays of the industry if they are not taken seriously.
Defending multiple fronts
The symbiosis between the few big banks that make up most of the EU
market and the FinTech firms challenging them is constantly changing.
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