New technologies are expected to have the biggest impact on banks in the next five years, more so than customer demands and changing regulation, according to a report sponsored by software company Temenos.
As payment firms and e-commerce disruptors continue to offer greater embedded finance solutions alongside growing consumer expectations of more personalised products and services, banks must assess how to adapt, says the Economist Impact report, titled “Byte-sized banking: Can banks create a true ecosystem with embedded finance?”.
