But the sector wasn’t always as open to embracing new technologies. Until the arrival of challenger banks like Monzo and Starling Bank a little over five years ago, who showed the benefits that taking a digital-first approach could bring, traditional banks failed to adopt the digital transformation at the same speed as other sectors.
While the banking sector has come a long way in its digital journey in recent years, the slow pace of adoption initially has had a knock-on effect on the sector, with other industries now far more advanced in their digital approach. Take healthcare, for example. The industry was an early adopter of nascent technologies and as a result, it is now using ML to help with early detection of diseases like cancer.