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Non-bank digital entrants set disruptive tone, to reshape global payments landscape

Non-bank digital entrants are among the main powerful disruptive forces that will begin to reshape the global payments landscape.

The industry has recently witnessed the entry of various non-bank digital players, including technology giants and start-ups that are presenting increased competition for banks. The nature of the competitors (companies such as Apple, Google, Facebook, Amazon, Microsoft, Tencent and Alibaba), the prominence of smartphones as a channel and rapidly evolving customer expectations are the main factors which are expected to enable technology titans and start-ups to raise the competition bar. In this context, in order to stay relevant, banks will need to respond to these changes with new strategies, capabilities and operating models.

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