Retail banking is changing at a blistering pace and artificial Intelligence is helping to reshape financial services. Online only challenger banks like Monzo have shot from 50,000 to 750,000 customers in little more than a year. Physical bank branches continue to close, meanwhile some 670 have already shut their doors this year, 879 last year, according to data from consumer rights organisation Which.
From small FinTechs to multinational tech giants, competition is rife – a challenge compounded for incumbents by regulatory headwinds. Yet the end is far from nigh. Emerging technology offers huge opportunities to personalise services...
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