Customers Steer Digital Trends Driving Retail Bank Transformation

The emergence of innovators like Apple Pay and Google Wallet is also changing the competitive landscape for banks. New products and payment methods are challenging the relevance of traditional banks’ offerings and threatening their customer relationships. Unless they act, banks face an increasing risk of commoditization: customers will begin to regard banks as public utility companies, a trend that will put downward pressure on margins and undermine pricing power.

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