As the global banking industry transitions from a post- pandemic environment, new competitive pressures, increasing costs to serve and operational challenges are emerging that are likely to re-shape delivery of banking services almost entirely away from traditional brick and mortar set-ups. Taking stock of the speed at which conventional lenders have been disrupted, incumbent providers are hard pressed to rethink their existing digital strategies and adapt to a fast, agile and seamless approach to remain relevant and be able to engage with customers.

The shift towards Web 3.0, 5G/6G wireless technology infrastructure and rise of the Metaverse has necessitated banks to modernise their delivery platforms powered via their core banking systems as customers continually seek convenience, consistency and optionality in conducting their various financial transactions. With the increasing issuance of digital bank licenses across various jurisdictions and emergence of new players targeting the emerging affluent millennial/Gen-Z customer segments, the opportunity to capture share of wallet and deepen market penetration presents itself with implications for conventional banks.

Now, more than ever, it is imperative that digital propositions are able to deliver exceptional banking experiences through innovative business models and services or otherwise risk being disrupted. Investments in new technologies to automate processes and shorten product innovation has become imperative as the digital bank of tomorrow is poised to respond to evolving market conditions fairly quickly.