The digital disruption caused due to evolving new-age digital tools and technologies is poised to change the ecosystem of banks, and other businesses like healthcare, retail, education, and others.
The development of new-age digital tools and technologies and their adoption in the business models have brought radical changes in various businesses. The digital disruption caused due to IoT, Artificial intelligence, Blockchain, machine learning, 5G, and ledger technology has impacted many industries including banking and finance. The risks of digital disruption in financial services are real and dramatic. Accenture- a leading global business consulting firm recently reported that up to 40 percent of incumbent businesses will be displaced by digital disruption by 2020. Industry insiders in the finance sector expect to lose as much as 23 percent of revenue to leaner tech-enabled competitors (FinTechs) by 2020.
Regardless of the size and nature of businesses, all organizations need to adopt advanced software and communication technologies to stay competitive. Software not only makes a powerful impact on customer-facing business models but affects all parts of the production cycle- service coordination, supply chain, human resources, payment processing, marketing, and more.
Advanced digital technologies are going to change the landscape of banking and financial service providers. Here is a checklist of some ways in which digital disruption has affected banks and lending institutions.
Hence, it can be safely said that digital disruption has led to a paradigm shift paving the way for banks and financial organizations to become more productive, efficient, cost-effective, and customer-friendly.
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