BANKING is the industry that will be most affected by digital disruption in the next three years.Digital business models are putting banks’ revenue at risk, as third-party providers such as telecoms companies, retailers and nontraditional players like Google, Apple and Facebook extend banking services into nonbanking digital ecosystems.To compete, banks will need to transform themselves through strategic and digital enablement into what Accenture’s Technology Vision for Banking 2016 report calls an "everyday bank" — one that interacts with customers every day to meet their financial and nonfinancial needs, playing a bigger role in their lives before, during and after transactions.The report identifies five emerging technology trends that are shaping the new business landscape: the platform economy, digital trust, the liquid workforce, intelligent automation and predictable disruption. The first three are particularly important for local banks to take note of.The massive amounts of d...
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