In its 2015 Global Banking Annual Review, McKinsey said that “banks are under attack from new technology companies and others seeking to poach their customers. To date, banks’ losses to attackers have been little more than a rounding error. But as digitisation accelerates, banks will be in a battle for the customer that will define the next ten years for the industry.” The management consultancy estimates that, in five major retail banking businesses – consumer finance, mortgages, SME lending, retail payments and wealth management – 10 to 40 per cent of revenues will be at risk by 2025 from businesses that will erode existing customer relationships. So I take a look at four that are changing the game for consumers.
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