We are entering a period of profound restructuring of the banking value chain. The introduction of faster payments and Open Banking is reshaping the landscape of the banking industry as we know it. Big Tech, unrestricted by formal banking regulations, can take big strides into the banking arena by becoming distributors of banking product intermediaries in the value chain. FinTechs may be allies not enemies. There is a need for banks to rethink their strategies including partnering with FinTechs to bring a different point of differentiation to the table.
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