Competition in the banking industry is getting stiffer. The need to innovate is becoming more urgent, as is the need for traditional institutions to plan more effectively. There is tremendous pressure to understand what consumers want. Established players must adapt quickly to defend their market share, remain relevant, stay competitive and grow.
A report from SAP and Bain & Company warns that financial industry outsiders are challenging the status quo, putting 32% of banking revenues at risk by 2020. These disrupters are actively pushing into every part of the financial services sector. They’re basically telling traditional institutions, “Hey, I can innovate faster than you can evolve.”