The bank of the future will look very different from what people have become accustomed to today. It will be defined not by the banks, but by the demands and expectations of their customers. Consumers don’t want to be tied to any one provider or channel. They want to bank where they want, when they want, and how they want.
This shift is being accelerated by open banking and PSD2 in Europe, with both putting the power of data into the hands of the customer. However, while this shift might seem like a threat to banks, it actually presents a major opportunity for those ready to grasp it.