New competitors in financial services are shaking up the status quo, leaving traditional bankers feeling the heat from unprecedented competition. One of the most fundamental issues for banks is the pricing policy of Newcomers, higher ability to adapt and deeper relation with end-customer.
Banks will need to figure out where they can add value back to the customer experience, and innovate to stay relevant. Rather than building long procedures to develop new expensive products banks should consider to implement white label services provided by third parties like Xchanger’s innovative fx payments module based on aggregation of Newcomers ( digital money operators ) in one payment solution for banking customers.
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