What is it like to be a banking player in today's landscape with fintech challengers, digital disrupters as well as technology behemoths like Google, Alibaba, Facebook looking for a slice of the industry? As with every threat there is an opportunity, I see emergence of Fintechs and so called Data IT companies as an opportunity for banks as well to challenge the status-quo and revamp their existing processes and IT systems/ platforms. In fact, if done with an incubator and agile mentality in mind, banks with hundreds of years of existence will be at an additional advantage as they sit on piles of data that could be converted into information which, in turn, could be leveraged to build insights for decision-making and customised customer value prepositions. In addition, banks have been expanding their eco system by investing into or by co-creating artefacts with Fintechs.
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