Center Lab

Banking Industry Landscape Key Challenges

More than 2/3rd of the banks consider their legacy banking system as a barrier to digital transformation

Almost 5% of the bank's revenue is spent on being complaint which hinders transformation efforts

More than 70% of the bank’s IT Projects are operational & process excellence focused

54% of the bank employees would need upskilling to transition to digital economy

End of retail branches as we know it, as we are now seeing digital-only banks taking over traditional banks

Nubank has over 80 million digital accounts and valuation of $45 B with no physical branches

JPMorgan became the first bank to arrive on Metaverse with their Onyx Platform

End of cash as contactless and digital payments start to take over the cash transactions

Philippines only unicorn with 76 M users allows to transfer money without a bank account

Both Apple and Amazon are working on Cashier less stores with sensors and cameras

End of microloans and deposit services, as embedded finance is addressing the costless and timeless needs

63% of the borrowers were able to access a digital loan for the first time, just in a few minutes

A business loan that you repay with a share of your PayPal sales

End of generalization as hyper personalization in banking is tailoring products and services

Emirates NBD's digital-only bank partnered with US-based Kasisto to launch conversational AI chatbot

KBC has partnered with Personetics to Boost Digital Customer Engagement

The end of competition with collaboration with fintech’s where agility and services will be enhanced

Starling Bank Marketplace offers multiple financial products for customers to manage their money.

Venmo combines finance, social networking, and business integrations in only one platform

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