The world has witnessed dramatic changes in everyday lives due to technology advancement. We growing in technology and as customer demands are changing frequently, soon we will see wealth managers are expecting the customers to make their wealth decision on the basis of automation, artificial intelligence, less human work. This has sharpened the banking competition and immense potential for fintech has emerged. All Irish banks are preparing to get their bread and butter back from digital companies and preventing the collapse of traditional retail banks in Ireland.
This dissertation report assesses Irish retail banks current condition and path forward to combat the fintech disruption along with its future state of banking. At the beginning of report, researcher will analyse relevant books, news articles, journals and industry papers. This research is primarily sourced through qualitative study which involves five interviews from banking and fintech industry. The conclusion derived from all these interviews will answer our main research question.
Retail banks and FinTech companies aiming to drive innovation, transparency and competition for the benefit of consumers as new payment directive PSD2 requires all European banks to open their infrastructures to third-party providers. The new legislation will change the retail banking services landscape for established banks in Ireland. The strategic implications of this legislation in Irish retail banks and how they survive this challenge will be significant part for our report. Digitisation will drive the future of banking but making digital transformation a reality is not easy task. Mainstream Irish retail banks has taken this as a challenge and initiated embracing change. Banks are adopting variety of ways in staying ahead of competition and reshaping the retail banking era to whole new level.