Challenges in Transitioning into an Automated World

The banking and financial service industry is evolving fast while undergoing extensive changes brought about by regulatory bodies, new technologies and consumer behavior. In fact, there was a massive paradigm shift in consumer behavior and expectations after the disruption of the global Covid-19 pandemic. Banks are preparing to adhere to the new regulations, such as Open Banking and PSD2, that aim to provide an even playing field to the new entrants. However, they must also develop effective strategies to retain the competitive edge.