Customers are increasingly using their mobile devices as their channel of choice; technology is powering new ways of sharing data and supporting the development of digital ecosystems and hybrid services. Together, these forces act as both driver and facilitator of increased digital innovation and transformation in financial services- not only for established players but for fintech start-ups and everything in between.

Lowered barriers to entry facilitate market upheavals from non-traditional players, as well as helping start-ups as they take advantage of new digital-ready platforms from which to offer their products. Technology firms are breaking into payments; SME banking is undergoing something of a revolution; investment banks are launching retail savings products.

Legacy businesses face a two-fold challenge: how to retain existing customers, and how to attract new customers amidst intensified competition. Smaller companies need to keep on top of their rivals by figuring the best partnerships to help them grow and stand out from the crowd.