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Version date: 3 July 2018 - onwards

3. Current landscape

9. While technological innovation in finance is not new, investment in technology and the pace of innovation have increased significantly in recent years. Technological developments are changing the way consumers and firms access financial services and their expectations. Many credit institutions are rethinking their approaches to customer interaction while continuously adjusting their ICT systems, embedding new technologies into their operations.

10. Technological innovation in general and financial innovation in particular have also triggered the need for incumbent credit institutions to adapt their business models in response to this force, in addition to an already challenging operating environment characterised by generally low profitability.

11. As a general trend, incumbent credit institutions seem to be moving from a ‘product-/channel-centred approach’ towards a ‘customer-centred approach’, adapting their supply to particular customers’ needs.

12. This section aims to