Open Banking and Digital Disruptions: Would Retail Bankers be Losing their Jobs?- Juniper Publishers
Annals of Social Sciences & Management Studies-Juniper Publishers Opinion In 1990, Bill Gates argued that banking is necessary, but banks are not. This statement that was made almost three decades ago seems to be the reality of recent events in the landscape of banking and payment industry. The reality is almost done on retail bankers especially that the payment system is becoming open and highly liberated. In Europe, specifically, banks are faced with enormous threats due to the rapid and widespread changes which are ushered in by the digital disruptions that might take away the jobs of the traditional bankers. What are the changes that are involved? Accenture recently identified several changes blowing heavily in the landscape of payment system and of which are threatening the incumbent banks’ revenue and customer ownership. First, the demands from customers are seriously evolving due to large volume of transactions being performed on mobile devices, as these users are equall
