Digital disruption puts traditional banks’ revenue growth at risk: Accenture

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Digital disruption puts traditional banks’ revenue growth at risk: Accenture

By Verdict Staff  October 18, 2018

https://www.verdict.co.uk/retail-banker-international/news/digital-disruption-puts-traditional-banks-revenue-growth-risk-study/

"Digital-only banks, fintechs and big tech companies are gradually corroding away the customer base as well as revenue of the high street traditional banks, putting their revenue growth at risk, according to a study by Accenture."

"The report reveals that the new entrants to the banking market such as challenger banks, non-bank payments institutions and big tech companies, are garnering up to one-third of new revenue."

"Accenture evaluated over 20,000 banking and payment firms across seven markets to enumerate the level of change and disruption in the global banking industry."

"The report found that the number of banking and payments institutions decreased by almost 20% over a 12-year period from 24,000 in 2005 to less than 19,300 in 2017."