The traditional bank model is disappearing. Banks are being assailed from all sides by non-bank entities offering financial services. From payment apps to crowd-sourced loans, these non-banks are finding new ways to connect with banks’ existing and potential customers.
Bankers have been talking about disintermediation for some time, but the industry is at a critical point. Technology, social and business digital communities are taking customers and potential customers out of banks’ networks. They are also upending customer expectation about personalization and convenience.
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