The pace of change in financial services has never been faster. In only the first quarter of 2019, Apple Card sent a shock wave through the credit card space, FIS’ $35 billion Worldpay acquisition set a record in the payments industry, and Fifth Third’s acquisition of MB Financial minted a new top-five bank.
Looking ahead, the mix of investor capital, sweeping global regulations, technological developments, and financial services globalization will promise to ignite more major developments before the year ends.
The incumbent banking and payment providers presiding over this landscape will face a mounting challenge to keep up. Firms must stay ahead of technology demands, preserve their bottom lines, grow their customer bases, and stay on the right side of regulators.