New age challenger banks and non-banking service providers, such as Apple, Walmart and Facebook, are redefining the banking landscape and carving out lucrative segments of financial services for themselves. These competitors are outcompeting traditional retail banks in new territory, putting banks at risk of losing primacy with customers down the road whereby they retain only the accounts, but not the relationships. Combined with a growing willingness by consumers to look beyond traditional banks and credit unions for their financial services needs, these factors are pressuring FIs to invest in technology, change how they service customers and improve the banking experience. But how will they achieve that?
