[2015-12-11] Firstpost: Blockchain and other tech trends banks need to watch out

Blockchain and other tech trends banks need to watch out for in 2016

http://www.firstpost.com/business/blockchain-and-other-tech-trends-banks-need-to-watch-out-for-in-2016-2541980.html

Over the past couple of years, banks have learned the hard lesson that size doesn’t matter. If analysts have got it right, by 2020, 32 percent of banking revenues and 7 to 9 percent of profits will have gone away to digital, disruptive, non-bank providers. This trend of unbundling of profitable niches of the banking business by FinTechs, startups, and other non-banks, will only gather strength in 2016.

Besides thwarting direct attack from such providers, banks should also be wary of the million-zero aggregators, who have the scale, reach and technology muscle to easily invade the financial space. The only way traditional banks can survive this onslaught is by matching the capabilities of these new-age rivals. That means providing a great banking experience to customers, characterized by choice, flexibility, speed, convenience, availability, access, personalization and economy.