Financial service providers are facing numerous new challenges with regard to their business models. In addition to innovative start-ups, established companies such as Google, Apple and Amazon are looking to expand into core areas of banking. This not only applies to payments but to other areas such as asset management and lending. Sooner or later, financial service providers are expected to feel the impact – whether it be the transfer of assets to non-banking firms or continual changes in client needs. Even today, banks face the daily challenge of countering this up-and-coming competition with disruptive ideas and a great deal of innovative drive.

There needs to be an innovative response to the digital revolution in the financial sector. What opportunities are opening up for new business models? Where can partnerships be forged with innovative start-ups? What steps should be taken to drive innovation within companies? What standards will apply to mobile payments? Will banks be squeezed out of the market in the medium term?