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Key for financial services digital transformation will be to remove friction from customer experience

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The factors driving digital transformation in financial services fall into three categories: market drivers, consumer behaviours and technology advancements.

For market drivers, one cannot ignore the booming fintech sector worldwide, if only looking at the current investment figures worldwide. Innovators have created new business models where data is king, large technology companies such as Google, Amazon, Facebook, Samsung, Apple and others have all made moves to enter the sector. This in turn has forced established players to position themselves in the digital age in two ways: firstly, by establishing digital transformation initiatives to rethink their own businesses internally, and secondly, by getting closer to the innovators and driving investment in fintech through their own ventures and incubators to try and establish some sort of control in this rapidly changing landscape. Of course, funding for technology startups has also evolved and kept pace with technology, with the spectacular rise of alternative finance (e.g. peer-to-peer lending, crowd funding, etc.) playing an important part in this booming sector.

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