Between the host of regulations introduced in the wake of the 2009 subprime mortgage crisis, the emergence of thousands of fintech startups, and shifting consumer preferences for digital payments banking, financial services companies have had plenty of change to contend with over the past decade.
Transitioning to automated, data-driven processes is the best way for these companies to not only cope with change but also take advantage of it.
Take the institution of the bank branch, a staple of consumer banking for more than 100 years. As customers have increasingly gone online, the number of physical branches has decreased by more than 900 per year1 for the past decade. If the trend continues, some experts believe branches could be all but gone by 2034.
