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The growth of digital banking usage, the emergence of new technologies, the blurring of industry ecosystems and an increased focus on innovation are creating challenges and opportunities in banking. Consumers are increasingly turning to fintech solutions and big tech platforms, fragmenting existing relationships for essential financial services, such as deposits, loans, payments and investments.
The importance of developing and deploying new digital services, building new business models, and transforming from a product-centric to customer-centric culture should be the focus for all banks and credit unions going forward. No longer can these initiatives be long-term objectives. They must be accomplished now … at digital speed and scale.
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