Lending and retail banking has seen a lot of change in recent years, with the rise of alternative lending, neobanks, challenger banks and similar making established financial institutions looking to reinvent themselves and stay relevant with consumers.
Many banks are slow or resistant to change, while some see what’s coming on the horizon and adapting. People have developed a taste for open banking and banking-as-a-service (BaaS) solutions, and these numbers are certain to grow. An increasing amount of mobile applications include access to banking services, and integrate with everything from money management, buy now pay later or monitoring to investing or getting an early payday.
Nimble fintech solutions are carving out niches within the space at unprecedented rates and banks are being flanked by technology. Yet the future holds a number of great opportunities for banks that don’t just stand on the sidelines, if they are prepared to evolve in this brave new world of fintech.
