Technology has changed everything

Technology has changed everything that not everyone is able to keep pace with it. Banks have a rough time adapting to new world.In the recent past, Banks were busy with compliance with the regulatory requirements. Some were so busy that they failed to adapt to newer technology. However at the same period, FinTech firms have developed technologies that are disruptive in nature to the critical business of banking. Businesses that were exclusive domain of banking have been eaten away by the new Fintech firms. This has left Banks with no choice but to either innovate newer ways of doing business or collaborate with FinTechs and adapt new technology. This is essential to stay in the business.

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