“In 2022, the traditional banking industry will be watching anxiously for technology companies to make their next move. The banks’ choice will be stark: whether to ignore the threat – or to partner with it.” Via WIREDUK WIREDWorld2022
During the last decade, a popular narrative has sprung up telling of the grave threat that fintech startups such as Revolut, Monzo and Starling pose to traditional major players in the banking and financial-services sector. But there has long been a more ominous threat to traditional banks, in the form of Big Tech.
The second is the crucial role user experience now plays in all facets of our lives. This requires the use of real-time data to capture and analyse insights and tailor recommendations to individuals. It’s a process that has long been central to Big Tech’s operations, but requires major upgrades among traditional banks.
If that isn’t enough to worry the traditional banking sector, the new “strong customer authentication” regulations that came into force this year in the UK will also play into the hands of technology companies rather than traditional banks. Combined with the continuing advance of open banking, they will offer Big Tech an opportunity to redefine how consumers pay for things.
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