Adoption of the latest digital solutions such as machine learning, robotic process automation, and AI is a huge priority for online banks to remain competitive and efficient. However, adopting these technologies are not always straight-forward as existing systems may be incompatible or too archaic, posing security risks.
Traditional banks such as Goldman Sachs, Standard Chartered are now launching their own digital-only banks and the trend is expected to continue as more banks get in on the act.
Traditional banks are also looking to increase their mobile and digital banking offerings by strengthening their Fintech solutions in areas where new Fintech entrants and digital-only banks are gaining ground. This also suggests that digital-only banks and other Fintech companies offering traditional banking services will face stiffer competition from well-resourced banks.
The environment for merger and acquisition is currently favorable and traditional banks are likely to be looking at popular digital solutions they can either acquire or partner with to boost their online banking offerings and solutions.
Only the project owner can select the next research path.