Exponential technologies offer enormous opportunities for building a much more efficient and productive financial system capable of efficiently driving global growth and well-being. This demands a profound transformation of the financial industry and threatens the survival of today’s banks.
The OCC’s recent announcement of that it will grant a special purpose national bank charter to non-bank financial technology companies (Fintechs) is drawing sharp opinions from various industry groups. As the regulator grapples with a plan to address the explosion of innovation engulfing the industry, managing the myriad of interests may be its biggest challenge.
As banks continue to move towards more process automation, it is expected that more and more banking functions will soon be in the hands of banking bots. These developments position the industry for a transformation that could alter the way institutions operate and the roles of humans in it.
Without a doubt, 2016 was the year "disruption" became tangible. This shows no sign of stopping in 2017, with new and existing technologies allowing institutions to ultimately offer more unique banking experiences. Learn about the five trends dominating their technology investment discussions