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Rapid digital innovation. New models. New markets. Competitors becoming partners. Value chains simultaneously disintermediating and integrating. There’s never been a more exciting time to be in payments, Simon Eacott and Teresa Connors, Natwest and Anders Olofsson, Finastra tell us.
McKinsey has estimated that some $80trn of economic activity will ultimately resolve into platforms. As platforms continue to eat the world, banks need to prepare and respond to keep up with this evolving trend say our payments experts Tony McLaughlin, Citi and Anders Olofsson, Finastra.
Digital channels have proven a significant benefit to the financial services industry. However, they have also introduced a new set of risks and competition for community banks and credit unions. Megabanks and alternative lenders dominate the digital scene as consumers increasingly look for ease and convenience.