In the last few years, banking as an industry has seen a massive move towards digitization. Traditional banks are challenged by new-age, digital only banks that rely on replacing the traditional banking experience with a hyper-personalised digital first
approach. In addition, banks need to boost their Return on Equity, bring down Cost to Income ratio etc. in order to stay competitive. Banks have also been facing threats from new entrants such as Google, Amazon and other technology companies looking to enter
this space. COVID-19 has accelerated some of these trends, like changed customer behaviour and adaptation of newer tools and technologies by the banks
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