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With evolving consumer demands and institutional supply dynamics, the financial services industry is undergoing a transformative reform. Technological and business model advances across various ecosystem stakeholders – such as fintech startups, nonbank innovators and progressive regulators – are nudging incumbent financial institutions toward change.
Banks need to evolve across the two vital stages of digitalization and platform banking to keep up. Digital-first models have the potential to achieve efficient customer centricity and business model agility, whereas platform banking models can build on this to amplify financial services through exponential collaboration.
Leveraging modern technology and collaborating with new industry entrants will catapult banks to the forefront of innovative disruption. Platform banking will enable data-driven hyper-personalized services for customers and create converging routes for financial services across industries.