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FinTech
FinTech can disrupt the banking industry because it can help with money transfers, depositing a check with your smartphone, bypassing a bank branch to apply for credit, raising money for a business startup, or managing your investments, generally without the assistance of a person. The competitive advantage of this system is helping with financial planning, and going about it without consulting an advisor which will also help save the person money. -
Artificial Intelligence
AI has disrupted the banking industry by helping with back office operations, compliance, customer experience, product delivery, risk management and marketing. Now, banking organizations can work with large amounts of data for every decision made. The competitive advantage of using AI is having large amounts of data, being able to have a bigger pool of resources, and being able to adjust to the wants and needs based off results. -
Augmented and Virtual Reality
Augmented and Virtual Reality affected the banking industry by providing bank customers autonomy in terms of at-home banking. Hybrid bank branches could also come into existence. This insight will help people to make sale and purchase decisions. The competitive advantage would be offering a new type of banking to consumers and bringing the busy individuals convenience right at the luxury of their own homes. -
Chatbots
Chat bots can disrupt the banking industry because it can provide access to all of a customer's data. It can also track spending habits, provide credit scores, set and manage budgets and tell the consumer where they are spending their money. This would be a competitive advantage by helping manage finances and help improve customer service. -
Quantum Computing
Quantum Computing could disrupt the banking industry in the future because it would be able to process information at a faster rate. However, there are still security concerns. The competitive advantage of quantum computing would be having the ability to process large amounts of data a fast rate and it would increase customer service. -
Internet of Things
IOT can help disrupt the banking industry because it can help by providing easy-to-access services to both credit and debit card customers. Banks competitive advantage can be analyzing the usage of ATM kiosks in specific areas and increase / decrease the installation of ATMs depending on usage volumes. -
Prescriptive Security
Prescriptive Security has disrupted the banking industry by helping deal with cyber threats and changing without noticing. This is helpful in dealing with the new cyber threats that are coming against the banking industry and it does not wait for the scammer to attack it acts first and thinks later. The competitive advantage is simply keeping information and systems safe and in tack. -
Blockchain
Block chain is spoken of disrupting the bank industry because it would be able to improve efficiency, cost-effectiveness, and security throughout the entire system of financial services.The competitive advantage of using block chain would be to keep up with transactions accurately, and keeping each transaction secured properly. -
Smart Machines
Smart Machines could impact the banking industry because it can help improve customer service by having smart machines as customer assistants. The competitive advantage would be the improvement of customer service as well as helping with language barriers. -
Robotic Process Automation
RPA caused a disruption in the banking industry by helping banks learn from their previous decisions and data patterns. This process helps create operational effectiveness. By having this program track their patterns and decisions it helps reduce the cost of administrative and regulatory processes by at least 50% while improving quality and speed. It has created a competitive advantage because they will know what to change and update without wasting a lot of resources and money. -
Hybrid Cloud
Hybrid Cloud has caused a disruption because in the banking industry it helped solve the need of having to store large amounts of data as well being able to keep customer information protected. Over time, more and more banks are moving to an enterprise-wide hybrid cloud strategy.It is considered a low end disruptive digital advance because it has a flexible pricing platform.The competitive advantage would be having reduced costs, operational efficiency and enhanced innovation. -
Instant Payments
Instant Payments have disrupted the banking industry by offering other payment methods through apps such as the banking app, apple pay, google pay, pay pal, and etc. It has increased customer satisfaction. More transactions will be made digitally instead of in cash, which means that payments will become less expensive and more user friendly. The competitive advantage would be to be able to develop an innovative portfolio of new services. -
Cryptocurrencies & Tokens
Cryptocurrencies and Tokens helps disrupt banks because they are using this to create digital currencies and also using it to create cryptocurrency payments between their customers. The benefits will include reduced transaction fees and faster money transfers.This is still a new project being test out. The competitive advantage would be having more payment options for customers as well as more ways of revenue for the bank. -
API Platforms
API Platforms disrupted the banking industry by offering various products and services from different businesses and companies.How the platform will work is that the bank will serve as a platform, on top of which third-party companies can build their own applications using the bank’s data. The competitive advantage would be being able to market to various consumers.
