How banks can stay relevant in the open banking era?

The formation of Fintech firms and so-called challenger banks are disrupting the accepted order and giving consumers more options than ever when it comes to how they manage their money. For example, a recent survey highlighted that a surprising number of Americans would consider putting their money in an Amazon Bank or with Google Financial Services. With nearly 60% of banking customers considering moving their money to accounts offered by familiar online companies or big-box stores – such as Amazon, Google or Walmart – even though they have no experience with financial services.

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