A REVOLUTION IS UNDER WAY
“Technology will be used to
disintermediate and disrupt banking
and financial services, just as it has
disrupted and disintermediated
the media and retail.”
Matthew de Abaitua,
Semiotic and Cultural Analyst
Although consumers were initially
slow to adapt to new ways of banking
– due to concerns around data
privacy and security – the speed of
change is increasing.
For example, contactless payments are now a
comfortable new reality. So far they are limited to specific
value transactions - any more and people could feel
unnerved. However, the transaction limit won’t always
be in place. Just think of how fast alternative payment
providers such as PayPal have gained mainstream
acceptance.
With a thriving fintech start-up scene and more focus on
innovations among the traditional players, the innovation
race is now on and gaining pace in financial services.
The speed of change in technology and consumer
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PR ES E N T A N D P O T E N T IA L F UTURE S IN F IN A N CIA L SE RV I CES
behaviour means the risks of not adapting to the new
landscape are more serious now than in the past two
decades. Larger banks could be left as mere providers
of processing services in the background, while new
brands take centre stage and make more meaningful
connections with consumers.
To stay ahead, financial providers need to use
technology as a force for consumer empowerment,
to connect with consumers in more mean