Tech Transformation Strategy for Banks to Compete with Fintechs

Abstract

In the past decade, we saw tech innovation disrupting every industry. Banks, which maintained their dominant position because of complex regulations, are now seeing a new set of threats emerging in the form of Fintechs. To compete with Fintechs, banks need a Tech transformation strategy. That necessitates more than building a website or an app. It needs to incorporate digital technologies in every phase of the customer experience, move its infrastructure to the cloud, adopt Agile and DevOps practices, etc. This paper will discuss the key strategies that will help banks compete with Fintechs, including Cloud transformation, using digital technologies to create personalized customer experiences, facilitating faster product launch time, and attracting top talent.