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Version date: 3 July 2018 - onwards

1. Executive summary

The development of the financial technology infrastructure enabled by the technological breakthroughs in the recent last decades, in combination with the significant socio-economic trends and demographic shifts in the population, whereby consumers are now seeking easy access, choice, better control and speed, have led to today’s fast-paced technology-driven environment. These are important forces for credit institutions to rethink the ways they offer banking services and adjust their business models and strategies, combined with the motivation to seek more diversity in protecting and increasing their revenue sources and reducing costs in today’s low interest rate environment (see Figure 3).

The potential disruption in the provision of financial services from the application of emerging technologies and the entrance of new players into the market appears to be forcing institutions to rethink their business models, as a potentially passive reaction may result in institutions’ curre