If you can’t beat them, join them

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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

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