Facing new competitors, banks need to make better use of data

Yet today, they are facing an arguably more challenging situation than before, as technology has enabled digital-native rivals to muscle in, while consumer preferences have changed as digital habits evolve. The COVID-19 pandemic crystallised this even more clearly. During lockdowns, transactions had to be carried out digitally. Loans had to be approved or denied based on an online interaction. For traditional banks this means they must leverage technology to not only deliver products, but
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