FinTech Magazine May 2020 | Page 50

BANKING

50 on-demand , integrated , and frictionfree . They expect consistent , intuitive , and meaningful experiences .” Also agreeing with Microsoft , Accenture explains that “ legacy systems stand in the way of a smooth transition to a digital environment and hamper the progress of innovation .”

Competitors In the industry , non-banks and challenger banks are starting to offer products that used to be exclusive to the financial services , companies like Facebook , PayPal and Apple are disrupting the banking ecosystem and thus increasing the competition . “ From an ad hoc digital wallet to real-time payments , the blurring of industry lines and encroachment into traditional banking territory is the new reality . In an era when the irony of “ toobig-to-fail ” is lost on few , credit unions and community banks are capitalising on consumer sentiment by focusing on niche market segments ,” comments Microsoft . In order to remain competitive , “ launching ecosystems in industries characterised by the presence of large incumbent players may help ensure that new offerings rapidly reach

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MAY 2020