|More from: | Finextra |||
As I continue to look at the 2019 Accenture Banking Trends, this month I will be focusing on the disruption of the UK banking industry. There are two key forces I will be exploring here: the rise of new market entrants – including Fintechs and challenger banks – and the growing influence from China.
Interrupting the traditional banking business model
As Accenture warns, it’s easy to think that digital transformation in a different part of the world will not affect the UK market. But we can see China’s efforts in technology already making a global impact. Last year, two-thirds of all global mobile payment transactions were carried out via Alipay and WeChat pay.
Ant Financial, an affiliate company of the Chinese Alibaba
About | Finextra |
Finextra is the leading independent newswire and information source for the worldwide financial technology community.
Finextra covers all significant technology news in wholesale and retail banking, the capital markets and insurance. Finextra also publishes a wide range of research articles, features, white papers and case studies.