Retail banking is in the midst of change and technology is driving transformation, connecting physical and digital environments.
Incumbent banks, challengers and neobanks are also focused on developing online and mobile banking services to meet the needs of the consumer, like the chatbot for retail customers, a conversational banking platform that most financial institutions (FIs) have launched.
What retail banks are doing is challenging the status quo by adopting emerging technologies to combat issues that traditional financial institutions have faced for decades. This is just a drop in the ocean of the digital transformation that is to come.
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