Issue Three: Europe
Company case studies: Adyen, SWIFT gpi
The banking and financial services landscape is currently undergoing rapid change throughout Europe. Both banks and their customers are gradually moving away from face-to-face channels to focus predominantly on sales and advice, while routine transactions are handled almost exclusively via electronic means. The big question is not if the digital transformation will be completed but when. The pace of the transformation, already well under way, varies regionally and depends on the ability of banks and fintechs to remove the barriers to change, as well as the speed with which clients fully embrace digital alternatives. The entire ecosystem is on a transformation path. Clusters of banks in the European market are currently at different stages on this multichannel digital journey. The stages are being defined more by the extent to which customers in their countries are embracing the digital channels and the disruption caused by neobanks and fintechs, than by the banks' own actions. Digital change is customer-driven.