
Are banks ready for the next wave of disruption?.
In a world where Amazon, Airbnb, and Netflix have redefined consumer expectations and the underlying industry business models, banks must ask themselves a critical question—are we ready for the next wave of disruption? Have we evolved sufficiently to keep pace with these changes?
Over the past two decades, I’ve seen the banking industry go through significant changes. From the rise of digital banking to ongoing innovations in the payments space, to the adoption of artificial intelligence and machine learning, banks have been on a relentless journey of transformation. However, despite advancements, many banks are still struggling with compressed margins, increased regulatory pressures, and the need to create new revenue streams. The time has come for banks to think outside the box.
Today, the platform economy, characterized by non-linear business models and exponential growth, poses both a challenge and an opportunity for the banking sector. In this article, I’m going to explore the impact of the platform economy on banking and why banks need to adapt and innovate — or fall behind.
But first, let’s establish what I mean when I say “the platform economy”.
Learn more: https://zafin.com/insights/banking-blueprints/transform/what-is-eating-bankers-lunch-the-innovation-you-didnt-know-about/