The changing landscape of retail banking and the future of digital banking

The emergence of new technologies and players, along with a favorable regulatory framework (PSD2 Directive) are changing the European banking industry, in particular. New services and new customer’s experiences are also changing the way individuals interact to satisfy their financial needs. The financial services industry is experiencing new and different business value propositions that are innovating products, processes and accesses. Value chains are also undertaking a significant shift from a pipeline, vertical paradigm, to open banking business models where open innovation, modularity and ecosystems are going to drive the ways banks will improve their cost efficiency as well as develop new business paradigms. “Partnering on order” might be the way to lead the future of the industry. As a result of these changes, also new challenges are rising in the market.