For some time now, the banking and insurance industry has become fragmented while also eliminating competitors. It has also been one of the sectors of greatest technological investment and transformation in recent years. However, this is not just about digital transformation.

With the outflow of revenues from the banking sector to other industries, especially Big Tech, banking has had to reinvent itself, redefine strategies and be aggressive in creating and developing new business models.

To stay relevant, banks need to truly understand their markets and what is needed in the new digital model to succeed in each of them. They will have to be willing to shape new business models, form unconventional partnerships, rediscover their purpose, and re-engage in constant innovation.