The digital transformation of businesses is occurring across all industries. Its effect on the financial services industry has also been rapid and is accelerating. New business models have disrupted the traditional banking industry and consumers are not limited to local providers anymore.
While this has presented new challenges to traditional financial institutions, it offers many opportunities for their customers and innovative competitors. Reducing the need for physical branches lowers costs and enables organizations to offer consumer-friendly services such as lower maintenance fees, reimbursable ATM fees, higher savings, and CD yields.
Disruptions in the sector have also posed new cyber threats for financial institutions. Download this whitepaper to learn what are the security concerns with open banking and how you can ensure security.