• Episode 8: A battle for the future of banking

  • Apr 14 2022
  • Length: 25 mins
  • Podcast

Episode 8: A battle for the future of banking

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  • Summary

  • Digital and online banking have already been steadily rising in recent years, but the pandemic introduced large-scale, full-speed uptake. In some instances, we’ve seen a 200 per cent jump in new mobile banking registrations. While digitisation was inevitable in the banking sector, many hurdles were slowing the process. From regulations, to security concerns, and the lack of substantial investments, many obstacles stood in the way of a much needed digital transition. When the pandemic hit, the situation changed. Consumers expectations were the main driver of faster and larger digital banking transition. 2021 was a year for fintech innovation. Electronic payments took off as people shopped online. Many managed their finances online rather than going to bank branches. Fintech and Big tech companies have achieved tremendous growth since the pandemic. The future of banking and financial services, is going to be written by both traditional banks and innovative fintech players. Sometimes they are going to be competing, and sometimes cooperating. Guests: Carol Houle, Senior Vice President, Global Head of Consulting & Marketing for Financial Services & Insurance at Atos Georgi Konov, Partner at McKinsey and Co, digital, distribution, and retail banking Narrated by: Mustafa Alrawi, The National’s assistant editor-in-chief
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