“ THE BATTLE FOR MARKET SHARE
BETWEEN LEGACY BANKS AND
NEOBANKS LOOKS SET
TO GROW FIERCER AS INCUMBENTS PLAY CATCH-UP
AND CHALLENGERS ATTEMPT TO OUT- INNOVATE THEIR TRADITIONAL RIVALS ”
FOREWORD
WHAT ’ S NEXT IN THE ERA OF DIGITAL BANKING TRANSFORMATION ? Digital transformation in finserv is barrelling into the future , but as we turn a chapter and enter 2024 , what areas will banks look to modernise next ?
“ THE BATTLE FOR MARKET SHARE
BETWEEN LEGACY BANKS AND
NEOBANKS LOOKS SET
TO GROW FIERCER AS INCUMBENTS PLAY CATCH-UP
AND CHALLENGERS ATTEMPT TO OUT- INNOVATE THEIR TRADITIONAL RIVALS ”
FINTECH MAGAZINE IS PUBLISHED BY
Digital banking transformation has taken huge leaps forward over the past few years . Now , the question is not so much how fast digitalisation will accelerate , but more so what form it will take .
Financial services companies today have a variety of priorities . But , among these , some key trends stand out : the need to ramp up ESG commitments , improve risk management amid rising fraud and macroeconomic uncertainty , and increase the speed of automation .
These needs , particularly for incumbent banks , show no sign of abating . And the key to meeting these targets lies in new technologies and innovations . This includes decentralised finance ( DeFi ), which looks set for the mainstream as banks ramp up efforts to safeguard data from frequent cyber attacks , reducing costs at the same time .
This era of consolidation for banks is by no means a simple process – the battle for market share between legacy banks and neobanks looks set to grow fiercer as incumbents play catch-up and challengers attempt to out-innovate their traditional rivals .
In this issue , we ’ ll ask what form digital transformation will take in 2024 , and look to the future of financial services . We ’ ll also delve into the best of payments technology today and chart the rise of Generative AI in fintech .
As always , there ’ s plenty more content over on our website . Just head to fintechmagazine . com .
LOUIS THOMPSETT louis . thompsett @ bizclikmedia . com © 2024 | ALL RIGHTS RESERVED fintechmagazine . com 5