THE REINVENTION OF BANKINGTHE FIRST CUSTOMER-FOCUSED The second impact for the banks is thatTSUNAMI WAVE TO HIT THE of digital services in physical retail.BANKS WILL BE PAYMENTS. Digital innovators will move the gamePAYPAL ARE THE MASTERS OF from the world of e- and m-commerce to the much larger world of high-streetPEER-TO-PEER PAYMENTS AND retail.DIGITAL CHECKOUTS, AND HAVESUCCESSFULLY ATOMISED THEIR The most progressive banks are starting INSTEAD OF MERELY BEING THECORE SERVICE ACROSS THE to experiment with new business PIPE OF MONETARY TRANSACTIONS,DIGITAL LANDSCAPE models and digital disruptions. They are THE MOST PROGRESSIVE BANKS also exploring ways to turn their WILL PUT TRUE USER-CENTRICITYMobile-optimised card payment branches from liabilities to assets in the AND CUSTOMER VALUE AT THEsolutions from Square and Intuit are new multi-screen experience economy. CENTRE OF THEIR STRATEGIES.putting pressure on card transaction Customers increasingly demandmargins, and the biggest threat of all in consistency and fluidity of service,the payment space is the lure of the functionality and experience.digital wallet, which will begin to shiftthe overall financial power balance from The ATM emerges into the rural digitalbanks and credit card companies to fountain providing money, connectivitycompanies that provide the smartest and deals where services are sparse.and best digital wallets. Banks havewoken up to digital and mobile and areinvesting to transform their businesseshoping digital provides a new lock-in.