Today, more than 80% of banking is done online, and nearly 70% of adults make or receive digital payments. People are hungry for the ability to access and use all of their assets on their own terms.
With evolving consumer demands, non-traditional players are usurping market share from incumbents. A study on digital payments from professional services firm PricewaterhouseCoopers best explained the dynamic: “Frustration with the traditional correspondent banking model, both cumbersome and costly in a world of instant, low-cost payments, has led to the intensification of non-bank providers.”
