The disruptive threats that banks face today are well documented: fintechs, decentralised cryptocurrencies, distributed ledger technology (DLT) and now the tech giants like Amazon, Facebook and Apple, to name a few. These players are all now placing themselves between retail banks and their customers, meaning that banks are not just competing with other banks anymore. Customer dis-intermediation is one of the biggest challenges that a retail bank must contend with when it comes to retaining its central standing as the number one go-to provider of financial services. This challenge is only set to intensify once the Second Payment Services Directive (PSD2) comes into force, leaving the goal wide open for non-banking, data-rich giants like Google and Facebook, as well as pioneering fintechs and developers to score with their superior financial management and payment services apps using data from the banks.
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