Covid-19 has been a trigger for digital acceleration in almost every industry. Technology has forced financial institutions—under mounting pressure from new competitors such as fintechs and large tech companies—to make or propose regulatory, operational and customer-centric changes.  Bankers echoed that sentiment in a recent EIU survey, where they were most likely to name payment platforms such as PayPal, Alipay and Apple Pay as the non-traditional industry entrants that represented their biggest competition.

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While tech firms have clearly eroded some of banking’s traditional functions, what’s less clear is how bankers plan to respond. Are they altering offers, entering new lines of business, buying technology, lobbying regulators, partnering with potential competitors, or innovating their own technology? How fierce is the competition for talent between banks and tech giants?

Questions we will address include:

• What challenges and obstacles do they face in innovating their systems and strategies?

• Does tech play a bigger role now for bank leadership or are they seeing tech more as a competitor than a partner in the post-covid world?
• What are the main areas where the banking industry is most concerned by digital competition?
• How can well-established financial institutions rethink their products and services and collaborate across the industry ecosystem to improve the customer experience?

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• What are the implications for the structure of the banking market?
• What factors should be considered when banks choose between buying or collaborating with fintechs? And what can financial institutions learn from fintechs and neobanks?

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