Contributed by Hewlett Packard Enterprise

Traditional banks can spearhead the transformation of financial services

Historically, the financial industry has changed due to depressions, recessions, stock-market crashes and increased (or decreased) regulations. Despite the uneasiness around the repercussions that these events create, banks have generally retained their reputations for being trustworthy, steadfast and resilient. They’ve even maintained their customer base. Up until this point, the industry has been relatively immune to disruption. In the always-connected digital age, banking is being disrupted by the convergence of financial and technological innovation. Agile start-ups are invading the once impenetrable industry and exploiting its shortcomings by offering all the things traditional banks don’t: quick transactions, high interest rates for savers, peer-to-peer lending and frictionless cross-channel experiences. Consumers are taking note, leaving traditional banks behind in pursuit of the ease and customization offered by these digital-first companies.

The financial industry is on the fast track to revolution, fueled by FinTechs, cryptocurrencies and a digitally savvy customer base.