The massive global movement of companies going digital is continually forcing essential changes in what new products and services are created, and how they are delivered to financial services customers. The position of well-established, traditional banks is changing dramatically due to the emergence of new start-ups companies, and new business and operating models they use and promote.
In its recent paper ‘Moving from analog to digital: a new paradigm for risk management.’ EY states that industry transformation is afoot on an unprecedented scale.
Demographic change; radical new technologies and data usage; a changing regulatory paradigm; and a fast-changing and ever-more-complex ecosystem of competitors, partners and vendors are all listed as key trends that are supporting Digital Transformation. And although, they do force the necessary changes and provide firms with new opportunities, there are also associated with an uncertainty.