Note from the Publisher: CCG Catalyst Consulting has released an infographic detailing what they believe to be the 12 "Forces Transforming the Banking & Payments Industry". They include the following categories and subcategories.
Regulation
- New regulatory regime
- Increased cost, complexity& uncertainty
Technology
- Tech advances
- New possibilities with cloud, robotics, chatbots, IoT, VR
Fintech
- Rise of Fintech
- Early stage cos. / incumbentsNational bank charter (OCC)
Blockchain
- Radical infrastructural overhaul
- New value management system; broad applications
Faster Payments
- Impending arrival of real-time
- Several initiatives underway Fed facilitatingchange
Mobile
- Phone, “more than a phone”
- 2B+smart phone users globally -massive reach
Digital
- The age of the digital business
- Digitization of money is greatest opportunity
Customer Expectations
- Accelerating change
- Speed, convenience, privacy, transparency is new mantra
Cyber Security
- Critical concern
- Acute & growingthreat in an interconnected world
Sharing Economy
- Leveraging the ‘Uber’ template
- Establishment of new platforms & marketplaces
Data
- Beyond Big Data
- Implications for monetization,machine learning, AI
Globalization
- Highly politicized issue
- Free trade, open economies, cross-border commerce
Source: CCG Catalyst Consulting