transformation is making some real changes in the financial industry and
increased adoption rates by consumers.
renowned consulting firm McKinsey has stated that financial institutions must
respond to the fast-evolving landscape and address the digital transformation
accordingly – through integration of such digital services on their own
platforms or collaborating with Fintech start-ups to provide what the consumers
are demanding! Further, the consulting firm also stated that if these risks aren’t
taken care of at the latest, financial institutions might take a serious hit to
their balance sheets, similar to the 2008 global financial crisis.
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