Irish banks are operating in a rapidly changing market and must embrace new technologies and business models to keep pace and to stay ahead of energetic new entrants. But the same banks should accept that they cannot make this transformation alone and have to seek out new partners if they are to succeed or even survive in a new marketplace.
The current trends towards open banking services, increasingly digitised products, and the appetite for real-time payments is playing out globally.
In Ireland, where fintechs and big tech both reside in increasing numbers,the trend is especially acute.
Many banks are adopting a cloud-based strategy to cope with new processing demands and to extract value from the increasing amounts of data, constantly generated from a myriad of remote devices.
‘Fast, agile and secure’ is the order of the day in order to join up the dots in the emerging ecosystem and be a frontrunner in the development of dynamic new products and services.
The question is, can banks do it alone and what are the key ingredients for a successful partnership?
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