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Bank Digitization: Traditional Banks Targeted by Tech Giants
Compared to industries like Transportation and Manufacturing, digitization is having far less impact on today’s banks. Banking applications using new technologies like 3D printing and the Internet of Things (IoT) seem to still be a long ways off. While there is some experimentation with technology like Bitcoin/Blockchain, use of alternative currencies is also likely a long ways off before adoption by traditional banks.
But lack of adoption of new technologies may mean that traditional banks may be blindsided in the not too distant future by startups and tech giants. Payment methods from companies like Google, Amazon, Facebook and Apple are providing new ways to deliver financial services.
A study by Fintonic actually found that many, especially millennials think that tech giants like Google and Apple will take over banking and finance. Fourteen percent said that they think that Google and Apple would be better at managing their money than traditional banks.
A report from PwC warns of the penalties of not keeping pace with digital change, saying that “executives need to develop a rigorous approach to emerging technology, one that includes a formal framework of listening to those on the bleeding edge, learning the true impact of these technologies, sharing results from pilot projects, and quickly scaling by implementing them throughout the enterprise.”
