Retail banks are facing a serious challenge from the increased use of Big Tech. This could have ramifications about the very existence of those retail banks. The likes of Google, Apple, Uber and Facebook have all ventured in to tech- induced banking. In Asia the threat is more real, as the likes of Alibaba, Grab and We Chat have already revolutionized the usage of the same. A clear challenge has been put up to the conventional order based on cards and accounts. But with every new threat, opportunities also arise for business innovations to thrive. One such is the development of the SWIFT network. Customers can now be met on the terms these end users set. This has lead to several of the transactions being much easier to digest.

Source:https://www.strategy-business.com/blog/How-retail-banks-can-tackle-a-rising-threat-from-big-tech?gko=197cd

Uploaded Date:31 March 2020