Banking Digital Transformation
2 in 3 Banks Will Lose Market Share Unless They Digitise says Report
Image sourced from Planful. A new report by The Financial Times Focus and Mambu shows banks must redesign their role in society to avoid extinction. More than two thirds (67%) of banks think they will lose market share within two years if they fail to digitally transform, according to a new report from cloud banking platform Mambu and The Financial Times Focus (FT Focus). The ‘Evolve or be extinct’ report was conducted by FT Focus and surveyed over 500 senior banking executives globally to gain insights into their perception of the banking industry, now and in the future. Banks Must Transform Urgently The results illustrate the urgency for banks to modernise their offering as 58% of respondents predict they will cease to exist completely in the next five to ten years if they fail to change...
“Dire Implications” for Financial Services Unwilling to Digitise, says Standard Bank
Image sourced from Regent Lighting. Digitisation is driving the convergence of industries across the globe resulting in traditional financial services groups contending with a range of new competitors, says one of SA’s big four banks – Standard Bank. According to the findings of a report by world-renowned platform economy expert Sangeet Paul Choudary and Standard Bank’s Wholesale Clients Digital unit, the implications could be dire for financial services organisations that are unwilling to adapt their strategies in these changing times. Standard Bank’s newly released paper, titled The Power of the Platform Economy for Financial Services, looks at the fast-growing platform economy, in which value-creating interactions are facilitated by digital intermediaries. It unpacks the new opportuniti...
