There’s a silver lining in the pandemic as coronavirus spurs technical innovation in financial services.
The coronavirus is accelerating the trend to digitisation and the use of artificial intelligence in financial services, further adding to the urgency created by emerging banking products like buy now pay later providers (BNPL) and neobanks looking to eat into the market share of major banks. However experts suggest that with their vast stores of data, major banks can rapidly scale new products and become ‘incumbent disruptors’ faster and more easily than any new organisation could be formed.